Crown Lifters Ltd - CROWN LIFTERS Share Price

Summary

Crown Lifters Limited was incorporated in December 27, 2002. The company is a professional crane hiring company, operating as one of the preferred supplier of construction equipments servicing all industrial sectors and is engaged in trading and renting of cranes.During the year 2021, however, a suit was filed against the company in the matter of Import Duty. (a) Appeal No. 900/2013: The Company purchased a second hand Crane and the parts of Cranes in auction conducted by the world renowned auctioneers, namely from M/s. Ritchie Bros, USA. Investigation was started by the Directorate of Revenue Intelligence regarding certain cranes imported in past and the said crane and the parts were also subjected to provisional assessment. The Company was asked to provide bank guarantee of Rs. 1,72,16,000/- for crane which was returned and for parts of the crane bank guarantee of Rs. 91,187/- was furnished along with bond and Certificate of Chartered Engineer. Then, the Company received no communication from the department. The Company than received Original Order No. 2161/2013 on April 27, 2013 issued stating that the consignment containing refurbished parts of the used cranes, is liable to confiscation under the provisions of Section 111 (d) of Customs Act, 1962 with a redeemed fine of Rs. 1,80,000/-. Penalty of Rs. 90,000/- was also imposed under Section 112 (a) of the Customs Act. 1962. The Company has filed an appeal on August 8, 2013 for setting aside the impugned Order and for stay... Read More