Manorama Industries Limited has provided a clarification to the BSE regarding a delay in disclosing an event concerning an inquiry by the Special Intelligence & Investigation Branch, Customs, Indore. The delay was attributed to the time required for an internal review, verification of multiple import consignments, and reconciliation of records, which led to the final ascertainment of the voluntarily paid amount of ₹20,64,17,893. The company emphasized the delay was not deliberate and assured commitment to timely future disclosures.
Clarification on Delayed Disclosure
Manorama Industries Limited has issued a clarification to the BSE concerning a disclosure made on August 10, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure related to an inquiry initiated by the Special Intelligence & Investigation Branch, Customs, Indore, under Section 108 of the Customs Act, 1962, pertaining to imports undertaken by the Company under the India-UAE CEPA. At the time of the initial disclosure, no show cause notice, demand order, adjudication order, or penalty order had been issued by the Customs Department.
Reason for Delay
The Company received a Summons under Section 108 of the Customs Act, 1962, on July 24, 2026. Following this, an internal review was conducted, which involved examining underlying facts, financial implications, supporting documents, and the legal position. The matter involved multiple import consignments across two ports and required extensive verification and reconciliation of records. A correction was necessary for one consignment before the Company could accurately assess the particulars for disclosure. This reconciliation was completed on July 29, 2026. Subsequently, the aggregate quantum of ₹20,64,17,893, voluntarily paid by the Company, was ascertained.
Finalization of Disclosure
Concurrent discussions were held with the overseas supplier to recover the involved amount. These discussions led to the Company issuing a debit note to the supplier on August 10, 2026. On the same date, the Company’s overall assessment, including financial particulars and recovery action, was finalized, and the disclosure was made. The Company acknowledged that this disclosure exceeded the prescribed 24-hour timeline but stated the delay was neither deliberate nor intended to withhold material information. It was occasioned by the time needed to ascertain and finalize complete facts and financial particulars across multiple consignments.
Commitment to Compliance
Manorama Industries Limited reaffirmed its commitment to high standards of corporate governance, transparency, and regulatory compliance. The company plans to implement enhanced internal escalation processes to ensure timely disclosures in accordance with SEBI Listing Regulations, including initial disclosures of material events within the stipulated timeline, with further details to follow as supplementary disclosures.
Source: BSE
