Details of the Authority and Order
- Authority: Additional Commissioner of Customs (NS-V), Jawaharlal Nehru Custom House (JNCH), Nhava Sheva
- Order Date: October 15, 2026
- Date of Receipt: October 16, 2026
Specific Actions Taken by Customs Authority
The Adjudicating Authority passed the following order against the Company:
1. Rejected the declared description/classification of the imported goods
2. Confiscated seized goods valued at ₹14,14,43,335/- (₹141.44 crore) under Section 111(m) of the Customs Act, 1962
3. Provided option for redemption on payment of a fine of ₹30,00,000/- (₹30 lakh) under Section 125(1) of the Customs Act, 1962
4. Imposed a penalty of ₹30,000 on the Company under Section 112(a)(ii) of the Customs Act, 1962
5. Imposed a penalty of ₹30,00,000 (₹30 lakh) on the Company under Section 114AA of the Customs Act, 1962
Total Financial Impact: ₹60,30,000 (₹60.03 lakh) in redemption fine and penalties
Nature of Violation
The violation involves classification of imported capital goods under an incorrect Custom Tariff Item (CTI). The goods are plant & machinery related to the company's new Solar Glass manufacturing project.
Financial and Operational Impact
The company states that "the aggregate financial impact comprising redemption fine and penalty, as set out above, will not have any material impact on the Company's operations."
Company's Response and Next Steps
The Company is making payment of redemption fine & penalty under protest and intends to avail appropriate legal recourse by filing an appeal before the Commissioner of Customs (Appeals).
Additional Information
The company will update the Stock Exchanges of any material developments in the matter in future. The information is also available on the company website: www.borosilrenewables.com
#Tags: #BorosilRenewables #CustomsDispute #SEBIDisclosure #RegulatoryCompliance #Negative