IANS | 05 Nov, 2023
The Directorate of Revenue Intelligence (DRI) conducted search
operations at the headquarters of leading electronics goods and
appliances major Havells India.
According to Havells India, the
searches were conducted by the DRI which acts by the lead agency to
check smuggling and cases of commercial fraud.
The company, in a
BSE filing, stated that in terms of Regulation 30 and other applicable
provisions of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, read with corresponding circulars and notifications
issued thereunder, it is hereby informed that the DRI has conducted a
search at the corporate office of the Company -- Havells India Ltd in
Noida, which concluded this morning on November 4 at around 2.20 am.
It said that the searches were initiated or under Section 105 of the Customs Act, 1962.
The
company also said that its impact on financial, operation or other
activities on the company cannot be quantified at this point in time.
Sharing the details of the violations and contraventions committed or
alleged to be committed, it said that this pertained to
misclassification in import of heating elements.
Havells operates in consumer electrical products under the brand name of Havells, Lloyd, Crabtree, and Leo.
