Polyspin Exports Gets Tribunal Order on ₹3.31 Cr Duty Demand Case
Polyspin Exports Limited informed BSE about a tribunal order regarding a ₹3.31 crore duty demand case. The Customs, Excise and Service Tax Appellate Tribunal remanded the case back to the Original Adjudicating Authority for fresh consideration, set aside all imposed penalties, and mandated that the appellant be given sufficient opportunity to be heard. The duty demand relates to raw material consumption above the Standard Input Output Norm fixed by DGGT, spanning from June 2008 to March 2015 across six show cause notices.
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Polyspin Exports Limited has received a tribunal order regarding a duty demand case worth ₹3.31 crores. The company informed BSE on December 27, 2025, about the development in the ongoing litigation under Regulation 30 of SEBI Listing Regulations.
Tribunal Order Details
The Customs, Excise and Service Tax Appellate Tribunal issued its final order and disposed of the appeal on December 26, 2025, which the company received at 3:30 PM the same day. The tribunal's decision includes two key components:
| Order Component | Details |
|---|---|
| Matter Remanded | Case sent back to Original Adjudicating Authority for fresh consideration with well-reasoned speaking order |
| Penalties | All imposed penalties have been set aside |
| Natural Justice | Sufficient opportunity to be heard must be provided to the appellant |
Background of Duty Demand
The duty demand of ₹3.31 crores relates to the consumption of raw materials in production over and above the Standard Input Output Norm (SION) fixed by the DGGT. Polyspin Exports had filed an appeal with the tribunal in 2016 against the demand raised by the Commissioner of Central Excise, Tirunelveli.
Show Cause Notices Breakdown
The total duty demand comprises six separate show cause notices spanning from June 2008 to March 2015:
| Notice No. & Date | Period Covered | Duty Demanded (₹) |
|---|---|---|
| 13/CE/COMMR/2013 (03.07.2013) | June 2008 to March 2013 | 71,70,522.00 |
| 2/COMMR/2014 (23.01.2014) | January 2009 to March 2013 | 1,29,10,681.00 |
| 08/CE/JC/2014 (25.04.2014) | April 2013 to September 2013 | 26,83,767.00 |
| 14/ADC/CE/2015 (23.04.2015) | October 2013 to March 2014 | 43,26,880.00 |
| 10/ADC/CE2015 (23.04.2015) | April 2014 to September 2014 | 30,04,510.00 |
| 17/JC/CE/2015 (13.10.2015) | October 2014 to March 2015 | 30,23,486.00 |
| Total | 3,31,19,846.00 |
Regulatory Compliance
The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III and SEBI Circular dated July 13, 2023. Company Secretary and Compliance Officer A. Emarajan signed the regulatory filing on December 27, 2025.
Next Steps
With the matter remanded back to the Original Adjudicating Authority, the case will undergo fresh consideration. The tribunal has emphasized strict compliance with principles of natural justice and mandated that sufficient opportunity for hearing be provided to the appellant. Polyspin Exports is permitted to raise all contentions before the adjudicating authority during the fresh proceedings.
Historical Stock Returns for Polyspin Exports
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.24% | -5.51% | -7.36% | -6.83% | -14.81% | -43.04% |
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