WeP Solutions Limited has recently received a demand order from the Additional Commissioner-Customs, Chennai, pertaining to a short-paid customs duty. The total amount includes customs duty of ₹9,86,139, redemption fine of ₹7,59,737, and a penalty of ₹98,613, based on an alleged misclassification of toner cartridges under customs law. The communication regarding this order was received on 21st December 2024, a non-business day, causing a delay in filing the intimation to the stock exchange.

As per the guidelines under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), the company has disclosed the receipt of this order and clarified the circumstances of the delay in its reporting. The delay was due to the need for verification of the order amount with the company’s legal team, finance team, and counsel, which could only be done on a business day.

The company plans to apply for rectification of the customs order and, based on the outcome of proceedings, intends to file an appeal before the appropriate appellate authority under customs law. The matter pertains to an alleged violation of customs rules concerning the misclassification of goods, which resulted in the demand for the short-paid customs duty.

Despite this order, WeP Solutions has confirmed that there is no material impact on its financials, operations, or other business activities. The company has emphasized that it understands the importance of timely and accurate reporting and has apologized for the delay in submitting the information.

This demand order is a part of customs law enforcement, but the company assures its stakeholders that it will take all necessary steps to resolve the matter without significant operational disruption.

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