DRI searches the corporate headquarters of Havells India
The firm, which sells appliances and consumer electronics under the Havells, Lloyd, Crabtree, Standard, and REO brands, claims that it is currently impossible to measure the effect of this on the company's operations, finances, or other activities.
According to the corporation, there was "alleged mis-classification in import of Heating Element," which led to the search.
A search operation was carried out by the Directorate of Revenue Intelligence (DRI) at the headquarters of Havells India, a well-known producer of appliances and electrical equipment. When it comes to investigating incidents of business fraud and smuggling, DRI takes the major role.
"The Directorate of Revenue insights has conducted a search at the corporate location of the Company viz. Havells India Private Limited in Noida, which concluded early yesterday on 4th November 2023 at around 2:20am," Havells the nation said in a regulatory statement.
According to the corporation, there was "alleged mis-classification in import of Heating Element," which led to the search.
The firm, which sells appliances and consumer electronics under the Havells, Lloyd, Crabtree, Standard, and REO brands, claims that it is currently impossible to measure the effect of this on the company's operations, finances, or other activities.
Nevertheless, it said, "in the beginning assessment, we understand that it doesn't anticipate any material impact on the accounting processes or other activities of the company" .
Havells India recorded revenue of Rs 16,868.38 crore during 2022–23. Ninety percent of the items the corporation sells in the nation are made internally at its fifteen production facilities.
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