Venus Pipes under scrutiny by DRI for custom duty evasion

6 Sep 2024 , 03:22 PM

Venus Pipes & Tubes Ltd, a manufacturer, and exporter of stainless steel pipes and tubes announced on Thursday (September 5) that the Directorate of Revenue Intelligence (DRI) conducted a search of the company’s registration and corporate offices, which concluded on September 5, 2024.

The search was conducted under the Customs Act of 1962 in connection with the alleged evasion of customs duties on imported items. The investigation’s full impact is yet to be assessed, but the corporation has already deposited ₹5 Crore as a protest duty.

Venus Pipes stated that, based on its first assessment, the current inquiry is unlikely to have a major impact on its financial operations or other activities.

The economic impact cannot be estimated at this time, notwithstanding the fact that the business deposited ₹5 Crore as a duty under protest. However, based on preliminary assessments, we believe it will have no major impact on the company’s financial operations or other activities, it added.

At around 3.30 PM, Venus Pipes was trading 0.27% higher at ₹2,225.25 per piece, against the previous close of ₹2.219.20, respectively. The counter touched an intraday high and low of ₹2,271.05, and ₹2,174.40, respectively.

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