Radico Khaitan Ltd has disclosed that the Directorate of Revenue Intelligence (DRI) has issued seizure memos covering goods valued at approximately ₹2.64 crore in connection with a customs tariff classification issue involving the India-UK Free Trade Agreement (FTA).In a regulatory filing dated November 10, the company said the seizure memos were issued on November 6 under Section 110 of the Customs Act, 1962.The development follows an earlier intimation dated October 27. Radico Khaitan said it is engaging with the concerned authorities and taking necessary steps to seek the release of the seized goods in accordance with customs regulations.The company said the matter concerns an industry-wide issue involving the customs tariff classification of certain imported goods and the preferential tariff treatment available under the India-UK FTA.The issue was also discussed by an industry association with the Ministry of Commerce on November 2, during which an assurance was provided regarding its earliest resolution, the company said.Radico Khaitan expressed confidence in an early resolution of the matter, adding that it continues to engage with the authorities.The company attributed the delay in reporting the development to Diwali holidays, saying the disclosure was promptly acted upon once it was brought to the attention of the appropriate company executives.On the operational impact, Radico Khaitan said it is taking necessary steps to ensure business continues in the normal course. As of now, there has been no material impact or disruption to its business, it added.
