Corporate News 03-Jul-15
Astec Lifesciences to pay Rs 93.69 lakh towards excise duty & penalty
Following order passed by the Customs & Central Excise Settlement Commission
Astec Lifesciences announced that the Company has received an order dated 22 June 2015 passed by the Customs & Central Excise Settlement Commission on a settlement application filed by the Company in an excise matter pertaining to the Company's Export Oriented Unit at B-17, MIDC, Mahad. The order, inter alia, requires the Company to pay an amount of Rs 93.69 lakh towards excise duty and penalty (excluding applicable interest thereon) in addition to an amount of Rs. 16.93 crores already paid by the Company upto the date of order and accounted for in the financial year 2014-15.
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