Vedanta Penalized Rs 103 Cr by Customs Authority - Latest News

New Delhi, Oct 9 (PTI) Vedanta on Wednesday said the customs authority has imposed a penalty of Rs 92.04 crore and a fine of Rs 10 crore on the company.

The order was received on Tuesday, October 8, Vedanta Ltd said in a regulatory filing.

"The company has received an order from the office of the commissioner of customs, Tuticorin, confirming levy of penalty of Rs 92,03,85,745 and fine of Rs 10,00,00,000 along with demand of customs duty and applicable interest," it said.

The company said it does not expect the said order to have any financial impact on the company.

The next course of action, it said, will be decided in due course.

"The company believes that there is a strong case of merit and law, more specifically due to the recent judicial pronouncements," it added.

Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading critical minerals, energy and technology companies spanning across India, South Africa, Namibia, Liberia, UAE, Saudi Arabia, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate.