Indo Count Industries has received a Show Cause Notice (SCN) from the Office of Commissioner of Customs, JNPT seeking refund of excess export benefits in the form of MEIS scrips to the extent of Rs 73.62 crore and interest thereon for certain products exported by the Company.
The Company’s Board noted the said SCN and resolved to file reply after taking legal opinion and take all other appropriate actions necessary in the aforesaid matter including making payment under protest keeping in view the interest of the Company.
Indo Count Industries is engaged in the manufacturing of 100% grey combed cotton yarn and knitted fabric. Its product range includes Cotton yarn, Knitted fabrics and Dyed yarn and core-spun yarn.
