Shares of TVS Electronics were trading in the red and almost 1% lower on 8 December after the company received a notice from the Chennai customs department for Rs 35.58 crore over the import of thermal line printers. 

The company has filed an appeal to the notice and has appointed an attorney to attend the proceedings before the Customs, Excise, and Service Tax Appellate Tribunal, Chennai.

In its regulatory filing, the company said, “It imports thermal line printers from a neighbouring country and it is supposed to be duty free. However, there is a difference in opinion between the company and the Customs department on classification of such imported goods for determination of Customs Duty.”

In its quarterly report for July-September, the company reported a 1.12% year-on-year (YoY) decline in its net sales to Rs 92.19 crore for the quarter. 

The net profit of the company declined by 60.14% YOY to Rs 1.12 crore for the quarter. 

At 11:46 am, the shares of TVS Electronics were trading 0.18% lower at Rs 351.80 on NSE.