Waaree Energies' Clarifies U.S. Customs Determination

Waaree Energies Limited ("Waaree" or the "Company") wishes to clarify recent media reports regarding the determination issued by the U.S. Customs and Border Protection ("CBP") in EAPA Consolidated Investigation No. 8163.

Following a detailed investigation, including an on-site verification of Waaree's manufacturing facility in India, CBP expressly confirmed that:

- Waaree did not export to the United States solar modules manufactured using Chinese-origin solar cells;

- Waaree fully cooperated throughout the investigation;

- CBP drew no adverse inference against the Company; and

- CBP declined the petitioner's request to make an evasion finding covering all of Waaree's imports.

CBP's determination is limited to a narrow subset of certain historical import entries. Importantly, the determination is not a final adjudication. Under applicable U.S. law, Waaree has the right to seek a de novo administrative review and thereafter, judicial review before the U.S. Court of International Trade. The Company is currently evaluating all available legal remedies with its U.S. trade counsel.

Waaree remains committed to the highest standards of regulatory compliance, transparency, and governance. The Company's U.S. business continues to operate normally, and there is no impact on ongoing manufacturing, customer deliveries, or commercial operations.

Waaree will continue to cooperate with the relevant authorities and will provide appropriate updates as and when required in accordance with applicable laws and regulatory requirements.

Shares of Waaree Energies Limited was last trading in BSE at Rs. 3009.65 as compared to the previous close of Rs. 3029.75. The total number of shares traded during the day was 45939 in over 4571 trades.

The stock hit an intraday high of Rs. 3080.00 and intraday low of 3005.00. The net turnover during the day was Rs. 139952338.00.

Source : Equity Bulls

Keywords

WaareeEnergies INE377N01017 ElectricalEquipment Clarification USA CBP CustomsDetermination