IndiGo has been fined Rs 25 lakh by Ludhiana's Joint Commissioner (Customs) over a customs dispute involving unconsumed Aviation Turbine Fuel. The company disclosed the penalty, stating no material impact on its financials or operations and intends to challenge the order legally. IndiGo’s firm stance involves taking appropriate legal measures against the penalty.
IndiGo has been fined Rs 25 lakh by the Joint Commissioner (Customs), Ludhiana, over a dispute involving additional customs duty on leftover Aviation Turbine Fuel (ATF). The company disclosed this penalty under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements.
Budget with ET What India Inc needs in Budget to drive growth amid global challenges Space sector seeks PLI scheme, tax holidays, more use of satellite data A game changing budget to revive India’s backbone - agriculture The company said, It has been penalised Rs 25,11,180 for “Demand of additional duty of Customs on remnant Aviation Turbine Fuel (ATF)," in an exchange filing on BSE on Wednesday.
It added, "There is no material impact on the financials, operations, or other activities of the company.
" IndiGo also clarified its intention to "take appropriate legal measures " against the penalty.
This penalty arises from an alleged customs violation concerning unconsumed ATF. However, the company remains firm in its stance and plans to challenge the order through legal channels, it said.