Indo Rama Synthetics Faces Show Cause Notice from Customs for Alleged Violations

Team Finance Saathi

15/Jan/2025

What's covered under the Article:

Indo Rama Synthetics faces a Show Cause Notice for alleged customs violations.
The notice pertains to an alleged violation of importing goods at a lesser rate of duty.
Details of the potential financial impact and the company's required response to the notice.

Indo Rama Synthetics (India) Limited has informed the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) about receiving a Show Cause Notice from the Customs Commissionerate in Nagpur on January 14, 2025. The notice is related to alleged violations of the Customs Act, 1962, specifically involving the importation of goods at a lesser rate of duty. The company has been asked to submit its reply within 30 days of receipt of the notice.

The Show Cause Notice involves a demand for the recovery of INR 47,45,164, along with interest and penalties, due to the alleged underpayment of duties. As per the notice, the Department of Customs is seeking clarification and resolution on the matter, with the company now required to respond to the allegations.

The financial impact on the company is contingent upon the outcome of the ongoing legal proceedings. Indo Rama Synthetics has highlighted that it is complying with all necessary legal processes and has assured that the matter is under review.

For now, the company has stated that the issue remains financial in nature, and its resolution will be subject to the legal determinations that follow.

This development is significant as it could impact Indo Rama Synthetics’ operations and financial standing, though the company remains in a position to contest the findings. The company will continue to cooperate with the relevant authorities as the process unfolds.

The Upcoming IPOs in this week and coming weeks are Land Immigration, EMA Partners, Stallion India and Capital Numbers.

The Current active IPO are Kabra Jewels, Rikhav Securities and Laxmi Dental.

For more updates on executive appointments and other business developments, we encourage readers to explore related news and articles, including the latest on IPOs, share market updates, and financial strategies at:
Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi
Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News- Finance Saathi.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Disclaimer

The information provided on this website is for educational and informational purposes only and should not be considered as financial advice, investment advice, or trading recommendations.

Trading in stocks, forex, commodities, cryptocurrencies, or any other financial instruments involves high risk and may not be suitable for all investors. Prices can fluctuate rapidly, and there is a possibility of losing part or all of your invested capital.

We do not guarantee any profits, returns, or outcomes from the use of our website, services, or tools. Past performance is not indicative of future results.

You are solely responsible for your investment and trading decisions. Before making any financial commitment, it is strongly recommended to consult with a qualified financial advisor or do your own research.

By accessing or using this website, you acknowledge that you have read, understood, and agree to this disclaimer. The website owners, partners, or affiliates shall not be held liable for any direct or indirect loss or damage arising from the use of information, tools, or services provided here.

Services

Indo Rama Synthetics Faces Show Cause Notice from Customs for Alleged Violations

What's covered under the Article:

Related News

Disclaimer