Rane Holdings Subsidiary Faces ₹2.69 Crore Duty Order, Plans Appeal
Rane Steering Systems Private Limited (RSSL), a subsidiary of Rane Holdings, has received an order confirming a differential duty of ₹2.69 Crores, plus ₹0.20 Crores in interest and penalty. RSSL plans to contest the order. The issue relates to incorrect tariff classification of imports between May 2023 and Jan 2025.
The amount of duty, interest, and penalty is material for the subsidiary, and the company's decision to contest it indicates potential further costs and uncertainty.
The company has been levied a significant penalty and differential duty, which negatively impacts its financial standing.
Rane Holdings Limited has disclosed a significant development concerning its wholly-owned subsidiary, Rane Steering Systems Private Limited (RSSL). Following a Show Cause Notice received on May 02, 2025, regarding the incorrect tariff classification of 39 import bills of entries, the Office of the Principal Commissioner of Customs, ICD, Patparganj, New Delhi, has issued an order.
The order confirms a differential duty of ₹2.69 Crores, along with applicable interest and a penalty of ₹0.20 Crores, as per Sections 28(1), 28AA, and 112 of the Customs Act, 1962. This pertains to import entries made between May 2023 and January 2025.
RSSL, in consultation with its consultants and tax advisors, intends to contest this order before the appropriate authority within the prescribed timelines. The company is committed to transparency and compliance, providing these details as per Regulation 30 of SEBI LODR.
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