Videocon Industries Ltd reply to clarification sought by the exchange

| Updated on March 30, 2015 Published on March 30, 2015

The Exchange had sought clarification from Videocon Industries Ltd with respect to news appearing in The Times of India on March 27, 2015 titled "Videocon gets DRI notice for evading Rs. 160 cr duty"

Videocon Industries Ltd replied stating "We would like to inform you that the Company has already denied the allegation made by Department of Revenue Intelligence for alleged evasion of duty before the adjudicating authority.

Further, we have been advised by our counsels that as the goods in question are not domestically produced or manufactured in India, the question of levy of anti-dumping duty is unimaginable and untenable in the court of laws and, accordingly, there is no question of duty evasion or penalty thereon.

As regards the other Show Cause Notice referred in the news article, we are surprised that a 20 years old matter is hitting headlines for no reasons. However, we would like to clarify that the same is not a show cause notice but it is a demand notice and the same has been stayed by divisional bench of Bombay High Court and our counsels are confident that the said demand notice will be set aside in totality."

Source : BSE - >www.bseindia.com

Published on March 30, 2015
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