Crown Lifters Ltd

(CROWN)

Crown Lifters Limited, a professional crane hiring company providing services and trading of cranes in all industrial sectors, was incorporated in 2002. In 2021, the company faced a Suit against it in the matter of Import Duty. Further investigation conducted lead to a demand of bank guarantee worth Rs. 17,216,000 for the crane which was returned, while bank guarantee of Rs. 91,187 for the parts of the crane was also provided along with a bond and Certificate of Chartered Engineer. Imposition of a redeemed fine of Rs. 1,80,000 and penalty of Rs. 90,000 under Section 112(a) of the Customs Act 1962 was also done. A further proceedings took place in which redemption fine of Rs. 6,500,000 and Rs. 2,600,000 was imposed in respect of imports through Crown Lifters and Crown Lifters Private Limited (CPPL), respectively, and a total penalty of Rs. 4,500,000 and Rs. 6,87,473/88 in respect of imports through Crown Lifters and CPPL, respectively. The Customs Excise and Service Tax Appellate Tribunal (CESTAT) passed an Order allowing the appeal and waiving the penalty, and refunding the deposits paid against import of cranes more than 5 years old from the show cause notice. This process is currently pending before the CESTAT, awaiting response.

Share Price: ₹233.60 per share as on 16 Sep, 2024 04:01 PM
Market Capitalisation: ₹275.14Cr as of today
Listing date: 27 Sep, 2016
Chairperson Name: Karim Kamruddin Jaria