DGFT discharges the show cause notice
Ramkrishna Forgings announced that the Company has received a show-cause notice from the Directorate of Revenue Intelligence (DRI) and also from the Director General of Foreign Trade (DGFT) with regard to simultaneous issuance of EPCG license and Status Holder Incentive Scrip (SHIS) in the year 2013-14.It is relevant to submit that the facts and issues involved in the above mentioned show-cause notices issued by DRI and DGFT are identical. The Company has made a detailed representation to the show-cause notice issued by DGFT and after considering the representation made by the Company. DGFT has discharged the said show cause notice and has closed the proceedings in favour of the Company.
Further, with regard to the DRI notice, the Company has made a representation to Central Board of Excise and Customs (CBEC). The Company has also filed a writ petition before the Delhi High Court and the court has directed CBEC to decide the representation made by the Company within 3 (three) weeks from the date of the said order of the High Court. The Company is awaiting the outcome of the same.
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