Manali Petrochemicals Limited has secured a significant legal victory with the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) ruling in its favor, setting aside a customs duty demand of Rs 3.83 crore plus interest on quicklime imports. The company received the final order on April 1st and has formally notified stock exchanges under Regulation 30 of SEBI Listing Regulations.

CESTAT Ruling Details

The tribunal's final order dated March 23rd allowed the appeal filed by Manali Petrochemicals against the Directorate of Revenue Intelligence (DRI), Mumbai's adjudicating authority order from July 2019. The original dispute centered on the classification of imported quicklime products.

Classification Dispute Resolution

The core issue involved the proper classification of quicklime imports under the Customs Tariff Index (CTI). The DRI had alleged misclassification, claiming the products should fall under CTI 2825 9090 instead of CTI 2522 1000 as declared by the company.

The tribunal's decision was based on technical specifications of the imported goods:

Tribunal's Reasoning

CESTAT upheld the company's original classification under CTI 2522 1000, determining that the calcium oxide purity of the imported goods ranged between 91% and 95%. This purity level falls below the 98% threshold required for classification under CTI 2825 9090, supporting the company's position and setting aside the entire demand.

Regulatory Compliance and Financial Impact

The company has formally communicated this development to BSE and NSE under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Company Secretary G Sri Vignesh signed the official intimation on April 2nd.

The company is currently assessing the financial impact of writing back the provision made for this contingency. Manali Petrochemicals has committed to taking appropriate steps as applicable and will keep the stock exchanges informed of any further material developments in this matter.

This favorable ruling eliminates a significant contingent liability for the company and validates its import classification practices for quicklime products.

Manali Petrochemicals Limited has submitted its regulatory filing detailing the dematerialization of share certificates for the period from February 1, 2026 to February 15, 2026. The statement was filed in compliance with Regulation 74(5) of the SEBI (Depositories & Participants) Regulations, 2018.

Dematerialization Summary

The company reported significant dematerialization activity during the specified period, with shares being converted from physical to electronic form across both major depositories.

Depository-wise Distribution

The dematerialization process was handled through both National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL). The transactions varied in size, with individual certificate dematerializations ranging from 150 shares to 675 shares.

Notable Transactions

Several significant dematerialization transactions were processed during the period:

• The largest single transaction involved 675 shares for Harish Ramappa Kanchan through CDSL on February 6, 2026
• Multiple transactions of 450 shares were processed for Sanjeev Barma through CDSL on February 2, 2026
• Various transactions of 300 shares each were processed for different shareholders including Jalgaonkar Asmita Atulchandra and Pazhavarickal John Mathew
• The majority of transactions involved 150-share certificates across both depositories

Regulatory Compliance

The statement was submitted to both the National Stock Exchange of India Limited and BSE Limited as part of the company's ongoing regulatory compliance obligations. Company Secretary G Sri Vignesh signed and submitted the documentation on March 25, 2026.

The filing demonstrates the company's adherence to SEBI regulations regarding the reporting of share dematerialization activities, ensuring transparency in the conversion of physical share certificates to electronic form for improved trading efficiency and investor convenience.