DRI conducts search at Havells India corporate office over alleged lapse

New Delhi : The Directorate of Revenue Intelligence (DRI) has conducted a search operation at the headquarters of Havells India, a leading manufacturer of electrical goods and appliances. The DRI acts as the lead agency to check smuggling and cases of commercial fraud.

"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 4th November 2023 at around 2:20 am," Havells India said in a regulatory filing. The search was conducted over "alleged mis-classification in import of Heating Element," the company said.

According to the company, which operates in the consumer electrical and appliances market with brands such as Havells, Lloyd, Crabtree, Standard and REO, the impact of the search on the financial, operation or other activities on the company cannot be quantified at this point in time. However, the company said, "in the preliminary assessment, we understand that it will not have any material impact on the financial operations or other activities of the company."

For the financial year 2022-23, Havells India reported a revenue of Rs 16,868.38 crore. The company has 15 manufacturing units and 90 per cent of the products sold in the country are manufactured in-house.