MRO TEK clarifies on DRI investigation

MUMBAI: MRO-TEK Ltd., has informed the BSE that the Directorate of Revenue Intelligence (DRI), Bangalore, has been investigating details pertaining to certain imports made by the company during the period April 1, 1998 to March 31, 1999, with particular reference to adequacy of customs duty paid by the company in connection with the same.






While the investigation is still in process, the DRI has intimated the company that, as per their findings and computations, customs duty has been `short-paid` by the company to the extent of Rs 6.5 crore pertaining to value of software imported with the equipments and interest, amounting to nearly Rs 4.5 crore.





However no written intimation and/or show-cause notice has so far been received. Since as per advice received by the company `import of software` is fully exempt from customs duty strictly in compliance of which the imports in the normal course have been effected in the past, the company shall be contesting the issue before the appropriate authorities at the appropriate time.