The Directorate of Revenue Intelligence (DRI) recently conducted search operations at the headquarters of Havells India, a prominent player in the electronics goods and appliances industry.
Havells India confirmed that the search operation was carried out by the DRI, an agency responsible for curbing smuggling and investigating cases of commercial fraud. In compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations of 2015, along with relevant circulars and notifications, Havells India disclosed the details of the event in a filing with the Bombay Stock Exchange (BSE).
The search, which took place at Havells India Ltd's corporate office in Noida, concluded on the morning of November 4, around 2:20 am. It was initiated under Section 105 of the Customs Act, 1962.
Havells India emphasized that the impact of these actions on the company's financial, operational, or other activities cannot be quantified at this time. The company did acknowledge that the violations and contraventions under investigation are related to the misclassification of heating elements in import transactions.
Havells India is known for its consumer electrical products marketed under brand names such as Havells, Lloyd, Crabtree, and Leo.
(With Agency Inputs)