The order dated February 27, 2026, received by the company on March 12, 2026, relates to an appeal filed by India Glycols against an earlier order issued on March 22, 2024, by the Additional Commissioner, Noida Customs Commissionerate, Uttar Pradesh.
Under the original order, the customs authority had confirmed a duty short payment of ₹33.43 crore along with applicable interest. It had also imposed a penalty of ₹82 crore and a redemption fine of ₹191.76 crore under the Customs Act, 1962.
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The appellate authority has now partially allowed the company’s appeal. It upheld the demand of ₹33.43 crore as duty short paid along with applicable interest and confirmed a penalty of ₹41 crore.
However, the remaining penalty of ₹41 crore and the redemption fine of ₹191.76 crore have been set aside. India Glycols said that following the appellate order, the overall demand against the company in the matter has reduced substantially.
The company added that based on its assessment and legal advice, it believes it has a strong case on merit and plans to file a second appeal against the duty, interest and penalty confirmed by the appellate authority. It also said it does not anticipate any material impact on its financial, operational or other activities.
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Shares of India Glycols Ltd ended at ₹850.50, down by ₹26.70, or 3.04%, on the BSE.
(Edited by : Jomy Jos Pullokaran)
