ABB India Limited disclosed receiving an order from the Principal Commissioner of Customs, Bangalore, imposing a penalty of ₹17.68 lakh and a redemption fine of ₹1.77 lakh. The order stems from alleged mis-declared value of goods and contravention of the Customs Act, 1962. The company plans to appeal the decision, stating it does not reasonably expect the order to have any material financial impact.
Disclosure of Regulatory Order
ABB India Limited has informed the stock exchanges regarding an official order received from the Office of the Principal Commissioner of Customs, Airport & Air Cargo Commissioner in Devanahalli, Bengaluru. This disclosure is made pursuant to the requirements concerning material events affecting the listed entity.
Details of Customs Action
The order, dated March 24, 2026, was received by the Company on March 24, 2026. The action relates to the alleged mis-declared value of goods and contravention of the provision of the Customs Act, 1962.
The specific financial imposition detailed in the notification includes:
- A penalty amounting to Rs. 17,68,303 (Rupees Seventeen lakh sixty-eight thousand three hundred three).
- A Redemption fine of Rs. 1,77,000 (Rupees One lakh seventy-seven thousand only) under Section 114A of the Customs Act, 1962.
Company Assessment and Outlook
Based on internal assessment, the Company has confirmed its intent to file an appeal against the imposed order at the appellate level. Management is hopeful of achieving a favourable outcome through the appeal process. Crucially, ABB India stated that it does not reasonably expect the said Order to have any material impact on the Company’s financial operations or activities.
Source: BSE
