Hyundai Motor India Limited informed stock exchanges that it has received an order from the Office of the Commissioner of Customs, Chennai–II (Imports). The disclosure was made under Regulation 30 of SEBI’s listing regulations.
Details of the Demand
According to the order, the authority has imposed:
- Differential customs duty of Rs 7.27 crore
- Penalty of Rs 7.27 crore
- Redemption fine of Rs 7.47 crore
- Interest amount, which has not been specified
The demand relates to the classification of imported air purifiers.
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Reason for the Action
The authority stated that the air purifiers were classified under a category that allowed a concessional duty rate of 7.5 percent. This resulted in a short payment of customs duty, leading to the current demand.
Company Response
The company said it received the order on April 21, 2026. It is currently reviewing the details and considering options, including filing an appeal against the decision.
Impact on Operations
Hyundai Motor India Limited stated that the order does not have an impact on its financial position or operations at this stage.
Elctrik Speaks
The case highlights the importance of product classification in imports, especially for components and equipment linked to the automotive sector. It also reflects regulatory scrutiny on duty claims and compliance processes.