Neogen Chemicals receives penalty order from Customs Authority
Neogen Chemicals received a penalty order from the Customs Authority on February 10, 2026. The order imposes a total of ₹1.23 crore in penalties and fines for non-fulfillment of export obligations in FY17-19. The company is analyzing the order and plans to appeal, stating no material impact.
While the company states no material impact, the penalty amount of over ₹1.23 crore is significant enough to warrant a medium impact assessment, especially considering potential legal costs and the nature of the non-compliance.
The company has received an order imposing a penalty, fine, and interest, which is a negative development.
Neogen Chemicals Limited has announced that it has received an order from the Office of the Commissioner of Customs, Raigad, Maharashtra, dated February 9, 2026. The order, received by the company on February 10, 2026, imposes a penalty on Neogen Chemicals.
The penalty is related to the non-fulfillment of export obligations through physical exports and pre-import conditions of Custom Notification no 18/2015, as well as the terms of an Advance Authorisation during FY 2017-18 and FY 2018-19.
The specific amounts levied include a recovery of custom duty foregone as refundable IGST along with applicable interest amounting to ₹77,54,589. Additionally, a redemption fine of ₹38,00,000 and a penalty of ₹7,75,000 under Section 112 (a) of the Customs Act, 1962, have been imposed.
The company is currently analyzing the case and intends to take appropriate actions, including filing an appeal, as deemed fit and in the interest of the company. Neogen Chemicals stated that there is no material impact on its financial, operational, or other activities, except for the amounts mentioned in the order.
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Neogen Chemicals Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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