STEEL STRIPS WHEELS LTD : RECEIVES SHOW CAUSE NOTICE FROM CUSTOMS AUTHORITY

• The company received a Show Cause Notice (SCN) from the Principal Commissioner of Customs, Mundra Port. • The SCN alleges violation of Section 65 of the Customs Act, 1962, regarding unlawful Duty Drawback and RODTEP Scrips to the tune of ₹1.37 Cr and ₹32.38 L respectively. • An additional ₹13.13 L in RODTEP scrips remains unutilized. • The company has already paid the duty drawback and RODTEP amounts along with applicable interest before SCN issuance to avoid litigation. • As of now, the company does not expect any financial liability, though exact implications are pending finalization. • The company is evaluating the SCN and will submit a reply within the prescribed timeline. Impact: Neutral (Company has pre-emptively settled amounts; awaiting final resolution of penalty proceedings)

Steel Strips Wheels Limited

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