| Updated on December 15, 2015 Published on December 15, 2015

Cheviot Company Ltd has informed BSE that the excise duty in dispute against show cause cum demand notice dated July 09, 2014 reported in the Annual Report for the year ended March 31, 2015 under contingent liabilities not provided for has been adjudicated by the Commissioner of Central Excise, Kolkata vide Order dated November 30, 2015 received on December 14, 2015 imposing an excise duty demand of Rs. 24.75 crores and interest at the appropriate rate thereon along with an equal amount of penalty on certain jute bags manufactured and cleared during the period from March 01, 2011 to February 28, 2013 construing them to be branded jute bags.

The Company is now taking required steps in consultation with the legal advisors to contest the impugned order before the higher/appellate authorities.

The Company shall inform periodically with further developments till such time the matter stand resolved/closed.

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Source : BSE - >www.bseindia.com

Published on December 15, 2015
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