Sparkle Gold Rock Limited Faces ₹10 Crore Penalty from Chennai Customs Authority

Sparkle Gold Rock Limited has been imposed a penalty of ₹10.00 crore by the Office of the Principal Commissioner of Customs, Chennai-III, for alleged violations under the Customs Act, 1962. The company received the penalty orders dated December 15, 2025, via email on January 19, 2026, and has informed the BSE about this development under Regulation 30 of the SEBI Listing Regulations.

Penalty Details and Allegations

The customs authority has imposed the penalty under specific sections of the Customs Act, 1962, as detailed below:

Penalty Component:	Amount	Legal Provision
First Penalty:	₹5.00 crore	Section 112(b)(iii)
Second Penalty:	₹5.00 crore	Section 114(iii)
Total Penalty:	₹10.00 crore	Customs Act, 1962

The violations alleged against the company include the use of Import Export Code (IEC) for providing legitimacy to a group of companies jointly engaged in misdeclaration and circular trading. These activities allegedly render goods liable to confiscation under Section 111(m) and Section 113(i) of the Customs Act, 1962.

Company's Response and Position

Sparkle Gold Rock Limited has categorically denied any involvement in the alleged activities. The company has provided the following key clarifications:

No business transactions were undertaken during the relevant period
No funds were received or credited to the company's bank account
No import or export operations were conducted
Current directors had no prior knowledge of the alleged matter
The penalty relates to a period when existing directors were not part of the board

Legal Action and Business Impact

The company has announced its intention to challenge the penalty orders through appropriate legal channels. Key aspects of the company's response include:

Parameter:	Details
Legal Action:	Planning to file appeal against the orders
Business Operations:	Continue as usual, not impacted
Financial Impact:	No significant financial impact reported
Reputation Impact:	Acknowledges adverse impact on goodwill

The company believes the orders are contestable and will consider taking appropriate legal recourse. Despite the penalty, Sparkle Gold Rock Limited has confirmed that its business operations continue as usual without any disruption.

Regulatory Compliance

The company has fulfilled its disclosure obligations under SEBI regulations by informing the BSE about this development. The intimation was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, along with compliance requirements under the SEBI Master Circular dated November 11, 2024.

The penalty order was issued by Principal Commissioner of Customs Istikar Baig from the Preventive Commissionerate, Chennai-III. The company received the order on January 19, 2026, and promptly informed the stock exchange on January 20, 2026, maintaining transparency with stakeholders about this significant regulatory development.

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+5.00%	+1.73%	-2.38%	-22.79%	+15.11%	+3,816.50%

Sparkle Gold Rock Limited, a company listed on the Bombay Stock Exchange (BSE: 530037), has announced a significant change in its leadership. The Board of Directors has approved the appointment of Mr. Om Prakash Sharma as the company's new Chief Executive Officer, effective September 19, 2025.

Board Approval and Appointment Process

The decision to appoint Mr. Sharma was made during a board meeting held on September 19, 2025, which commenced at 12:00 P.M. and concluded at 01:40 P.M. The appointment was based on the recommendation of the Nomination and Remuneration Committee (NRC) and is in accordance with Section 203 of the Companies Act, 2013.

Om Prakash Sharma's Profile

Mr. Om Prakash Sharma brings a wealth of experience to his new role at Sparkle Gold Rock Limited. With over 15 years of experience as a business leader, he has made significant contributions across various sectors including mining, infrastructure, textiles, retail, and agriculture. Known for his dynamic leadership and strategic foresight, Mr. Sharma has a track record of building and leading diversified enterprises that demonstrate both economic impact and sustainable growth.

Family Ties within the Company

Mr. Sharma has familial connections within the company's leadership:

He is the spouse of Mrs. Sarita Devi Sharma, who serves as a Director in the company.
He is also the father of Ms. Lakshita Sharma, another Director in the company.

These relationships highlight the family-oriented nature of the company's top management.

Corporate Governance and Disclosure

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Sparkle Gold Rock Limited has promptly disclosed this appointment to the BSE. The company, formerly known as Sree Jayalakshmi Autospin Limited, continues to maintain transparency in its corporate actions and leadership changes.

Company Details

Sparkle Gold Rock Limited is registered in Jaipur, Rajasthan, with its office located at Office No 507 508 5th Floor, Vaibhav Cine Multiplex, Vaishali Nagar. The company's CIN is L32111RJ1991PLC106196, indicating its establishment in the Indian corporate landscape in 1991.

This appointment marks a new chapter for Sparkle Gold Rock Limited, as the company looks to leverage Mr. Sharma's extensive experience across multiple sectors to drive its future growth and strategic initiatives.