Indus Motor Company Pvt Ltd has clarified that the company''s case of non-inclusion of running royalties remitted to its foreign principals is currently pending adjudication before Sindh High Court (SHC). In a clarification issued by the CEO of the company Ali Asghar Jamali here on Wednesday, he highlighted actual legal position of case of non-inclusion of running royalties remitted to its foreign principals in the customs value of imported CKD kits/IOR parts.
CEO of the company said that the subject case is sub-judice and currently pending adjudication before the Sindh High Court. Furthermore, company wants to highlight the fact that earlier the Customs Excise and Sales Tax Appellate Tribunal decided the subject case in company''s favor in 2008.
Ali Asghar Jamali added that we take our reputation very seriously and take a strong exception to any misleading and falsified accusations from any of our stakeholders. As responsible corporate entity, we remain fully committed to comply with all applicable laws of the land and to remain positively engaged with all our stakeholders including the media, he added.