Hyundai Motor India Limited (HMIL) abides by all the statutory norms laid down under the law. HMIL totally denies the allegations of resorting to mis-declaration of the value of components imported by it for the manufacture of passenger cars or having suppressed information of the same. The show cause notice served on HMIL by the Directorate of Revenue Intelligence will be challenged by HMIL under the due process of law in the appropriate forum.
HMIL imports all the components based on transaction value and the relevant duty has been paid to the appropriate authorities with full documentation. Therefore any allegation that HMIL is resorting to mis- declaration is false, baseless and unfounded.
HMIL, which established operations in 1998, is the largest passenger car exporter from India and currently exports to over 140 countries having earned over $ 8.5 billion in export revenue over the past ten years. HMIL has paid over Rs 26, 800 crores in central and state taxes since it started operations in India.
