PC Jeweller: Tribunal Clears Customs Duty Charges Against Company and MD

The Principal Bench of the Customs, Excise & Service Tax Appellate Tribunal, New Delhi, has dismissed allegations against PC Jeweller , its Managing Director, and others regarding the calculation and payment of customs duty. In an order dated July 14, 2026, the tribunal held that the allegations were incorrect and that the related proceedings were not maintainable. Consequently, the proceedings have been dropped with consequential relief.

Background of the Case

The tribunal's decision addresses a matter originally disclosed by the company via an Addendum Notice to the Red Herring Prospectus dated November 26, 2012. The case stemmed from search operations conducted by the Directorate of Revenue Intelligence (DRI), Delhi Zonal Unit, between December 13, 2012, and December 15, 2012. The DRI had alleged wrong calculation and payment of customs duty by the company on jewellery imported in the past.

Summary of Tribunal Ruling

The following table outlines the entities involved and the outcome of the tribunal's ruling:

Entity	Role	Outcome
PC Jeweller Limited	Company	Allegations dropped
Managing Director	Individual	Allegations dropped
Others	Individuals	Allegations dropped
Directorate of Revenue Intelligence	Investigating Authority	Proceedings deemed not maintainable

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.93%	+4.06%	-5.53%	-6.53%	-33.99%	+283.07%

Shivani Gupta, a member of the Promoter Group, has confirmed that she did not create any direct or indirect encumbrance on her shareholding in pc jeweller during the financial year ended 31 March 2026. This disclosure provides assurance to investors regarding the status of the promoter's pledged shares, a key metric for assessing corporate governance and financial risk.

The confirmation was submitted to the Listing Compliance Departments of the National Stock Exchange of India Limited and BSE Limited. The filing was made in accordance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which mandates annual disclosures by promoters regarding encumbrances on their holdings.

Regulatory Compliance

The letter addressed to the exchanges explicitly states that no encumbrance was made on the shares held by the promoter during the specified period. A copy of the disclosure was also forwarded to the Audit Committee of PC Jeweller Limited, located in New Delhi, for internal records and governance purposes.