Customs Department levies penalty of Rs. 7,29,50,000 on Ganesh Benzoplast Ltd

Ganesh Benzoplast Limited has received an order from office of the PR commissioner of Customs whereby the department of Customs, Nhava Sheva has imposed a penalty of Rs. 7,29,50,000/- under Custom Act, 1962, for certain procedural defects / deficiencies.

The financial impact, if any, will be to the extent of and as disclosed in point ii. There will be no impact on operations or other activities of the Company.

The Company is in the process of taking appropriate steps to contest the said Order on merits. Based on the Company's assessment, an appeal will be filed with Customs, Excise and Service Tax Appellate Tribunal (CESTAT) and the Company is hopeful of a favorable outcome at the appellate level.

Shares of GANESH BENZOPLAST LTD. was last trading in BSE at Rs. 153.25 as compared to the previous close of Rs. 156.65. The total number of shares traded during the day was 19195 in over 504 trades.

The stock hit an intraday high of Rs. 157.70 and intraday low of 152.95. The net turnover during the day was Rs. 2970122.00.

Source : Equity Bulls

Keywords

GANESHBENZOPLAST INE388A01029 Penalty CustomsDepartment