DRI seizes Videocon International plant
Ketan Modi
Mumbai, Jan 20: The Mumbai zonal unit of the Directorate of Revenue Intelligence (DRI) has seized a plant belonging to Videocon International for an alleged misdeclaration. The plant valued at Rs 9.4 crore was seized at Mumbai docks on January 17.The plant was imported from Italy in August 1997 to manufacture refrigerator parts. The company declared it as `machinery'. The plant was brought in nine 40-feet containers and two separate bills of entry were filed by the firm. The cost declared for the entire lot was worth Rs 8.6 crore. In September 1997, both the bills of entry, filed as bond bills, were assessed by custom authorities. For over five months, however, the company did not clear the goods from the docks. The DRI was tipped off about the contents and on January 15 the containers were opened and examined. DRI sources claim the shipment contained an entire plant for manufacturing stators used in the motors of refrigerator compressors. It was a second-hand plant and the importer was required to
declare it as used and old, which was not done. Sources say used and old plants can be imported only by actual users. Since Videocon is not the actual user, it is not allowed to importit. Besides, there was no certificate from a chartered engineer for a verification of the plant's declared price. The DRI seized it under section 110 of the Customs Act for misdeclaration at Sewree Timber Pond (STP) after a three-day-long examination. After the seizure, several company officials have been questioned and their statements are being recorded.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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