Stainless steel pipes and tubes manufacturers and exporters Venus Pipes & Tubes Ltd on Thursday (September 5) said the Directorate of Revenue Intelligence (DRI) conducted a search at the company’s registered and corporate office, concluding on September 5, 2024.

“…it is hereby informed that the Directorate of Revenue Intelligence has conducted a search at the registered & corporate office of the Company of M/s. Venus Pipes & Tubes Limited, which concluded today at 05:30 PM,” according to a stock exchange filing.

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The search was initiated under the Customs Act, 1962, in connection with the alleged evasion of customs duty on imported goods. While the full impact of the investigation is yet to be determined, the company has already deposited ₹5 crore as a duty under protest.

Venus Pipes stated that based on its preliminary assessment, the ongoing investigation is not expected to materially affect its financial operations or other activities.

“Cannot be quantified at this point in time though the company had deposited Rs 5 crore as a duty under protest. But in the preliminary assessment, we understand that it will not have any material impact on financial operations or other activities of the company,” it added.

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Shares of Venus Pipes and Tubes Ltd ended at ₹2,210.00, down by ₹96.05, or 4.17% on the BSE.