ABB India Limited disclosed receiving an order from the Principal Commissioner of Customs, Bangalore, imposing a significant penalty. The penalty amounts to Rs. 8,01,26,745/- for mis-declared value of goods, alongside a Redemption fine of Rs. 9,00,00,000/- under the Customs Act, 1962. The company intends to appeal the order, asserting it does not foresee any material impact, and expects a favourable outcome at the appellate level.
Regulatory Disclosure Regarding Customs Order
ABB India Limited has officially informed the stock exchanges regarding a recent order received from the Office of the Principal Commissioner of Customs in Bangalore. The order, dated February 23, 2026, was received by the company on the same day at 1:20 PM.
Details of Financial Imposition
The core of the communication details the penalties imposed. The company has been directed to pay a penalty amounting to Rs. 8,01,26,745/- (Rupees Eight crore one lakh twenty-six thousand seven hundred forty-five) under section 28(4) of the Customs Act, 1962. Additionally, a substantial Redemption fine of Rs. 9,00,00,000/- (Rupees Nine Crore) was imposed under section 125 of the Act.
Allegation and Company Stance
The authority cited Mis-declared value of goods and contravention of the provisions of the Customs Act, 1962, as the grounds for the action. In response, ABB India Limited stated that based on its assessment, an appeal will be filed against the directive. Management expressed hope for a favourable outcome in the appellate process, concluding that they do not reasonably expect the said Order to have any material financial impact on the Company’s operations.
Timely Disclosure Rationale
The company explained the timing of the disclosure, noting that a delay in immediate intimation was necessary to first analyze the potential impact, assess all available avenues for appeal, and determine the most appropriate course of action before releasing the information to the Stock Exchange.
Source: BSE
