Havells Faces Rs 2.02 Crore Customs Demand, Plans to Appeal

An update from Havells India Limited ( (IN:HAVELLS) ) is now available.

Havells India Limited has disclosed that the Commissioner of Customs, ICD TKD-Import, New Delhi, has issued an order covering the period from May 2020 to July 2023, raising a demand of Rs 2.02 crore that includes customs duty of about Rs 1.01 crore and an equivalent penalty. The demand stems from the classification of certain imported goods, but Havells, after consulting its tax adviser, believes the claim is not legally sustainable, plans to appeal under the Customs Act, and says the order will not have any material impact on its financials, operations or other activities.

The company has formally notified stock exchanges of the customs order in compliance with SEBI disclosure norms and emphasized that it views the matter as a disputable tax classification issue rather than a substantive operational risk. By signaling that it expects no significant financial or business disruption, Havells aims to reassure investors and other stakeholders that the dispute is manageable and contained within normal regulatory and litigation processes.

More about Havells India Limited

Havells India Limited is a leading Indian electrical equipment company, active in consumer and industrial segments with products such as cables, switches, lighting and other electrical goods. The company is listed on Indian stock exchanges and operates across both domestic and international markets, positioning itself as a key player in the electrical and power distribution space.

Average Trading Volume: 31,517

Technical Sentiment Signal: Hold

Current Market Cap: 812.6B INR

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