Ninety percent of the products the corporation sells in the nation are made internally at its fifteen manufacturing facilities.
A search operation was carried out by the Directorate of Revenue Intelligence (DRI) at the headquarters of Havells India, a well-known producer of appliances and electrical equipment.
When it comes to smuggling and commercial fraud charges, DRI is the primary agency.
Havells India claimed in a regulatory filing that “the Directorate of Revenue Intelligence has conducted a search at the Company’s Corporate office viz. Havells India Limited in Noida, which concluded this morning on November 4, 2023, at around 2:20 am.”According to the corporation, the search was carried out because of “alleged misclassification in import of Heating Element.”The company, which sells appliances and consumer electronics under the Havells, Lloyd, Crabtree, Standard, and REO brands, claims that it is now impossible to quantify the impact on the company’s operations, finances, or other activities.
Nevertheless, it stated, “We understand that it will not have any material impact on financial operations or other activities of the company based on the preliminary assessment.” Havells India recorded revenue of Rs 16,868.38 crore for the fiscal year 2022–2023.
Ninety percent of the products the corporation sells in the nation are made internally at its fifteen manufacturing facilities.