Fujiyama Power Systems (UTL Solar) Faces Rs 13.97 Crore Customs Duty Demand Over Alleged Misclassification of Imports:

Fujiyama Power Systems (UTL Solar) Faces Rs 13.97 Crore Customs Duty Demand Over Alleged Misclassification of Imports Fujiyama Power Systems Limited (UTL Solar) has informed the stock exchange (National Stock Exchange Limited and Bombay Stock Exchange Limited) about the receipt of a Show Cause Notice (SCN) No. 01/Commr/Noida/Cus/2026-27, dated June 17, 2026, from the Office of the Assistant Commissioner of Customs, Noida Customs Commissionerate, under Section 28(4) of the Customs Act, 1962. As per the disclosure, the company had received the notice on June 17, 2026, at 18:49 hrs, meaning after office working hours, at its official e-mail ID. The notice has proposed recovery of differential duty of Rs 13.96 crore, alleging the company for misreporting imported goods (declared Customs tariff item: 85049090) and thereafter claiming eligible exemption under Notification No. 57/2017-Customs, dated June 30, 2017.

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According to the concerned authorities, the goods in question imported during the financial year 2024-25 (assessment year 2025-26) and before that period need to be reassessed under Customs Tariff Item 85044090 and charged duties accordingly. The company is asked to show cause why the following actions should not be taken against it:

• Rejection of the declared classification of the imported goods and re-classification of the same under CTI 85044090, and denial of the benefit of exemption notifications and re-assessment;
• Confiscation of the imported goods in question under the provisions of Section 111(m) of the Customs Act, 1962;
• Recovery of differential Customs duty of about Rs 13.97 Crores under Section 28(4) of the Customs Act, 1962, along with the imposition of interest under Section 28AA, ibid. and penalties.

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The company has asserted that it is not satisfied with the findings specified in the notice, and it has valid grounds to challenge the same before the relevant appellate authority. Consequently, the company is planning to avail itself of the appropriate appellate remedies within the prescribed time limits. The company has clarified that the present action does not have any additional material impact on its financial, operational and business activities. Fujiyama Power Systems Limited (UTL Solar) has made the aforementioned disclosure via an Intimation dated June 18, 2026, issued under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations").