DRI Performs a Search Operation at the Noida Corporate Office of Havells India
A search operation was carried out by the Directorate of Revenue Intelligence (DRI) at the headquarters of Havells India, a well-known producer of appliances and electrical equipment. When it comes to investigating incidents of business fraud and smuggling, DRI takes the major role.
Havells India Limited claimed in a regulatory filing that “the Directorate of Revenue Intelligence has conducted a search at the Corporate office of the Company viz. Havells India Limited in Noida, which concluded this morning on November 4, 2023, at around 2:20 am.” According to the corporation, the search was carried out because of “alleged mis-classification in import of Heating Element.”
The firm, which sells appliances and consumer electronics under the Havells, Lloyd, Crabtree, Standard, and REO brands, claims that it is now impossible to quantify the effect on the company’s operations, finances, or other activities.
Nevertheless, it said, “We understand that it will not have any material impact on financial operations or other activities of the company based on the preliminary assessment.” Havells India had revenue of Rs 16,868.38 crore for the fiscal year 2022–2023.
Ninety percent of the items the corporation sells in the nation are made internally at its fifteen production facilities.
