JSW Steel Limited — Important, 17-12-2024: General Updates

The Commissioner of Customs has issued a demand order for JSW Steel to recover excess Duty drawback amounting to ₹1.28 Cr and excess benefits under the Merchandise Exports from India Scheme (MEIS) totaling ₹2.24 Cr, along with applicable interest. Additionally, a penalty of ₹12.20 Cr and a fine of ₹5.00 Cr have been imposed due to excess duty drawback claims. JSW Steel has stated that the demand order lacks legal grounds, as no Show Cause Notice was issued in relation to the declared FOB value, and will challenge the order in the judicial forum. Importantly, there is no anticipated impact on the company’s financials or operations resulting from this order. Shareholders should remain observant regarding the ongoing developments.