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Customs authority imposes ₹92.04 crore penalty, ₹10 crore fine on Vedanta
1 min read | Updated on October 09, 2024, 15:39 IST
SUMMARY
Vedanta reported a ₹92.04 crore penalty and a ₹10 crore fine from customs authorities. The company anticipates no financial impact and plans to evaluate its next steps, asserting a strong legal case. Vedanta operates globally in critical minerals and energy.
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The company said it does not expect the said order to have any financial impact on the company
The order was received on Tuesday, October 8, Vedanta Ltd. said in a regulatory filing.
"The company has received an order from the office of the commissioner of customs, Tuticorin, confirming levy of penalty of ₹92,03,85,745 and fine of ₹10,00,00,000 along with demand of customs duty and applicable interest," it said.
The company said it does not expect the said order to have any financial impact on the company.
"The company believes that there is a strong case of merit and law, more specifically due to the recent judicial pronouncements," it added.
Vedanta Ltd., a subsidiary of Vedanta Resources Ltd., is one of the world's leading critical minerals, energy and technology companies spanning across India, South Africa, Namibia, Liberia, UAE, Saudi Arabia, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate.
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