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DCW Ltd. Legal Proceedings Report 2023
63614_rns_2023-09-14_d39f1e28-9491-446c-9bcc-50a695bcbc99.pdf
Legal Proceedings Report
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September 14, 2023
| To, | ||
|---|---|---|
| National Stock Exchange of India Ltd. | BSE Limited | |
| Exchange Plaza Bldg. | Department ofCorporate Services, | |
| 5th Floor, Plot No.C-1 | 1st floor,New Trading Ring | |
| 'G' Block, Near Wockhardt, | Rotunda Building, | |
| Bandra Kurla Complex | Phiroze Jeejeebhoy Towers, | |
| Mumbai 400 051 | Dalal Street, Mumbai - 400 001 | |
| Fax:26598237 /38 | Fax:22723121/3719/2037/2039 | |
| Svmbol: DCW | Scrip Code: 500117 |
Sub: Intimation - Details of Litigation as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir(s)/Madam,
This is in continuation of our earlier letter dated August 14, 2023, informing the pending litigations of the Company pursuant to Regulation 30 read with Para B of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('LODR').
This update is being provided with respect to the various Show Cause Notices issued to DCW Limited ("the Company") by the Office of the Commissioner of Customs, Tuticorin in connection with Upgraded Beneficiated Ilmenite-Synthetic Rutile exports for the various periods beginning from June, 2013 to June, 2022.
Accordingly, please find enclosed herewith update on the earlier disclosure as required under Regulation 30 Para B of Part A of Schedule III of the LODR read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P /CIR/2023/123 dated July 13, 2023 as "Annexure I".
The details of the earlier disclosure made by the Company w.r.t. the said litigation are mentioned as II Annexure II".
DCW LIMITED
HEAD OFFICE "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAl-400 021. TEL.: 2287 1914, 22871916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE: DHRANGADHRA- 363 315 (GUJRAT STATE) Email: [email protected], Website: www.dcwltd.com, CIN-L24110GJ1939PLC000748
The said information is also being made available on the website of the Company at www.dcwltd.com.
Kindly take the above information on your record
Thanking You,
Yours faithfully,
For DCW Limited DILIP VISHNUBHAI DARJI Digitally signed by DILIP VISHNUBHAI DARJI Date: 2023.09.14 14:51:21 +05'30'
Dilip Darji Sr. General Manager (Legal) & Company Secretary Membership No. ACS-22527
Encl:A/a
DCW LIMITED
HEAD OFFICE "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAl-400 021. TEL.: 2287 1914, 2287 1916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE: DHRANGADHRA- 363 315 (GUJRAT STATE) Email: [email protected], Website: www.dcwltd.com, CIN-L24110GJ1939PLC000748
Annexure I
Disclosures under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
| The details ofany change in the status and/ordevelopmentrelationsuchintoanyproceedings; | OfficeoftheofCommissionerCustoms,Tuticorin vide its order dated September 11,2023 received by the Company on September13, 2023 has disposed of the matter in favourof the DCW Limited pertaining to variousShow Cause Notices issued to the Companyby the Officeofthe Commissioner ofCustoms,Upgraded Beneficiatedin connection withIlmenite-SyntheticfortheRutileexportsvarious periods beginning fromJune, 2013 toJune, 2022, asking the Companyto showcause as to why export duty under Chapter 26of the Customs Tariff Acl, 1975 should nut bedemanded/recoveredwithwithinterestrespect to the Upgraded BeneficiatedIlmeniteSynthetic Rutile (TiO2 95%).The said order was passed on the ground thatthe Principles ofjudicial discipline requiredthat orders ofthe higher appellate authoritiesare followedmu·eservedly by the subordinateauthorities.Accordingly, the Commissioner of Customs,Tuticorindroppedallthefurtherproceedings initiated against the Companyunder the 16 (sixteen)show cause noticesissued. |
|---|---|
| ofInthelitigationkeyagainstcasemanagement personnel or its promoter orultimate person in control, regularly providedetails ofany change in the status and/or anydevelopment in relation to such proceedings; | Not Applicable |
DCW LIMITED HEAD OFFICE "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAl-400 021. "TEL.: 2287 1914, 2287 1916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE: DHRANGADHRA- 363 315 (GUJRAT STATE) Email: [email protected], Website: www.dcwltd.com, CIN-L24110GJ1939PLC000748
| In the event of settlement of the proceedings, | Not Applicable |
|---|---|
| details of such settlement including - terms of | |
| the settlement, compensation/ penalty paid (if | |
| any) and impact of such settlement on the | |
| financial position of the listed entity. |
DCW LIMITED
HEAD OFFICE : "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAl-400 021. TEL.: 2287 1914, 2287 1916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE: DHRANGADHRA - 363 315 (GUJRAT STATE) Email: [email protected], Website: www.dcwltd.com, CIN-L24110GJ1939PLC000748
Annexure II
Disclosures under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - - ~- • - -
As disclosed in point 8 of our earlier intimation dated August 14, 2023
| Name(s) of the opposingparty | Office of the Commissioner of Customs, Tuticorin |
|---|---|
| Court/Tribunal/ Agencywhere litigation is filed | ICommissioner of Customs, Tuticorin |
| 'Brief details ofdispute/ litigation | Various Show Cause Notices have been issued toDCW by the Office of theCommissioner ofwithUpgradedCustoms,inconnectionBeneficiated Ilmenite-Synthetic Rutile exports forthe various periods beginning from June, 2013 toJune, 2022, asking DCW to show cause as to whyexport duty under Chapter 26 of the CustomsTariffAct,1975shouldbenotdemanded/ recovered with interest with respect totheUpgradedBeneficiatedIlmenite-SyntheticRutile (TiO2 95%).As at 26thAugust 2022, the duty liability isRs.53,98,77,137 /-(Previousyear-Rs.44,93,85,000/-). DCW has got a favourableorder from the CESTAT, Chennai in some of theshipments made by DCW, relating to the earlier |
| 'Stage of Proceedings | period.Hearings are awaited with respect to all ShowCause Notices. |
| Quantum of claims /Expected financialimplications, if any | Rs. 53,98,77,137 /- |
| wl£.bY-~ |
DCW LIMITED HEAD OFFICE :
....
"NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAl-400 021. TEL.: 2287 1914, 2287 1916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE : DHRANGADHRA - 363 315 (GUJRAT STATE) Email: [email protected], Website: www.dcwltd.com, CIN-L2411 0GJ 1939PLC000748 / ' '' I • r>0 ~( ) . l ) :;;c,., .. /.
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