Vedanta Ltd on Wednesday announced that the company has received an order from office of the Commissioner of Customs, Tuticorin confirming levy of penalty of and fine of Rs 102 crore. In a regulatory filing, it said, “The Company has received an Order from Office of the Commissioner of Customs, Tuticorin confirming levy of penalty of Rs 92,03,85,745 and fine of Rs 10,00,00,000 along with demand of Customs Duty and applicable Interest.”
The demand, it added, is in relation to pre-import conditions which were applicable for a limited period, on imports against advance authorization.
Vedanta said that the company believes that it had a strong case of merit and law, more specifically due to the recent judicial pronouncements and the next course of action shall be decided in due course.
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Further, Vedanta maintained that it does not expect the said order to have any material financial impact, operations or other activities of the company.
Earlier in August, the Odisha State Pollution Control Board had imposed environmental compensation of Rs 71.16 crore on Vedanta for alleged unauthorised dumping of fly ash without its prior permission. Fly ash, a residue of coal combustion in thermal power plants, poses environmental risks when disposed of improperly as it can contaminate water sources.
From: financialexpress
Financial News
