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Customs authority has slapped a demand notice of Rs 23.52 crore, including duty and penalty, on air-condition maker Voltas over alleged mis-classification of certain imported goods, a regulatory filing said on Monday. The company is analysing the order and will take appropriate course of action including filing of an appeal before the CESTAT in the matter, said the Tata Group firm. As per the order, there was "mis-classification of certain imported goods pertaining to the period from 14th June, 2019 to 21st July, 2022". It is "demanding payment of differential customs duty of Rs 10.76 crore along with applicable interest, and a penalty of Rs 12.76 crore under the relevant provisions of the Customs Act, 1962," According to Voltas, there is no material impact on the financials, operations or other activities of the company due to this penalty.
Leading air-conditioning maker and engineering services provider Voltas Ltd on Thursday reported a 35.4 per cent decline in its consolidated net profit to Rs 84.46 crore for the December quarter of FY26. It had posted a consolidated net profit of Rs 130.76 crore in the October-December period a year ago, according to a regulatory filing from the Tata Group firm. Voltas' revenue from operations declined 1.1 per cent to Rs 3,070.77 crore in the December quarter of FY26, compared with Rs 3,105.11 crore in the corresponding quarter of the previous fiscal. Total expenses of Voltas stood at Rs 2,945.19 crore, almost flat in the December quarter. Commenting on the results, its Managing Director Mukundan Menon C P said: "In Q3, the Room Air Conditioner business remained the anchor of our overall performance, navigating inherent seasonality and the impact of a shorter second summer through stronger channel momentum, improved product mix, and the benefit of the GST rate reduction." In the .
Appellate tribunal NCLAT has rejected a plea against Voltas, which sought to initiate insolvency proceedings against the Tata Group firm by one of its operational creditors. A two-member NCLAT bench has upheld the earlier orders of the Mumbai-bench of the National Company Law Tribunal (NCLT), which had on May 27, 2025 rejected the petition on the grounds of a pre-existing dispute. NCLAT upheld the findings of NCLT, saying it "has committed no mistake" in finding that the email chain between appellant Air Wave Technocrafts and Voltas "reflects ongoing disputes" regarding work certification, amounts, and supporting documentation. "We see no reason to take a different view in the matter from that of the Adjudicating Authority (NCLT) in rejecting the Section 9 application on valid grounds of pre-existing disputes. In result, we find no merit in the Appeal. We find no reasons to interfere with the impugned order. The Appeal is dismissed," said NCLAT. NCLAT order came over a petition fil