Prostarm Info Systems: Customs Department Files Appeal Against Original Order
Prostarm Info Systems Limited reported that the Customs Department has filed an appeal concerning a previous order in a dispute involving the company. This development follows an earlier announcement regarding the proceedings initiated by the Commissioner of Customs, Nhava Seva, Raigad, Maharashtra.The company previously informed stakeholders that it had received an Order-In-Original. This order confirmed no liability for the disputed amount of INR 25.66 Crores and dropped all proceedings related to the Show Cause Notice dated May 21, 2024, which originated from the Commissioner of Customs, Nhava Seva, Raigad, Maharashtra.
Recently, an intimation was received stating that the Customs Department has filed an appeal against this aforesaid Order-in-Original before the Hon'ble Customs, Excise and Service Tax Appellate Tribunal, Mumbai. The Company stated that it is currently evaluating its further course of action regarding this appeal.
The details of the litigation status are summarized below:
| Particulars of information | Details |
|---|---|
| Name of the Authority | Commissioner of Customs, Nhava Seva, Raigad, Maharashtra and Customs, Excise and Service Tax Appellate Tribunal, Mumbai |
| Change in status and/or development | Earlier, the Company received an Order-In-Original confirming no liability towards the disputed amount of INR 25.66 Crores and drop of all proceedings against the Show Cause Notice dated May 21, 2024. Subsequently, the Customs Department has filed an appeal against this Order-in-Original before the Hon'ble Customs, Excise and Service Tax Appellate Tribunal, Mumbai. |
| Litigation against key management or promoter | Not Applicable |
| Details of settlement | Not Applicable |
PROSTARM Stock Price Movement
Today, Prostarm Info Systems Limited shares edged higher to close at ₹146.7, rising 4.44% for the day. The stock finished on solid momentum, posting a total volume of 533,036 shares during the session.Source:
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