Sanofi India Limited — Important, 08-01-2025: General Updates

The Office of Additional Director General of Foreign Trade issued a demand notice to Sanofi India for an excess MEIS duty credit sanction of ₹3.90 lakh, with accrued interest totaling ₹4.82 lakh, resulting in a total claim of ₹8.72 lakh. This demand arises from an audit highlighting the use of incorrect exchange rates for calculating the FOB values related to MEIS duty credit across 12,819 files, affecting 22 specific cases within the company. Sanofi emphasized that this issue is due to a system oversight, stating there are no violations or defaults on their part. Importantly, the company noted that this will not materially impact its financial or operational activities, indicating stability despite the claim. Watch closely for any further developments on this matter.