Acting on advice from external legal counsel and as a result the management is of the opinion that the grounds for the claim are without foundation. Advisors have estimated that the maximum possible payment to settle the case, were it to be upheld, would be GBP 3,191,000 (Rs 324,962,000). The claim is currently pending a hearing with the Customs, Excise and Service Tax Appellate Tribunal.
Domino India’s parent company Domino Printing Sciences acknowledged the existence of the suit in their recent Half Yearly Report (dated: 24 June 2014). The suit has been included as a contingent liability.
Domino Printing Sciences was established in 1978. Today they manufacture and develop total coding and printing technologies that meet the needs of manufacturers and sets new industry standards in quality and reliability. It has a global network of 25 subsidiary offices and more than 200 distributors, Domino Printing Sciences sells to over 120 countries. In 2013, Domino Printing Sciences plc achieved a turnover of GBP 335.7 million.
PrintWeek India contacted Domino India, who refused to comment.