Overview
- U.S. Customs and Border Protection issued an EAPA notice finding substantial evidence that some Waaree imports circumvented anti‑dumping and countervailing duty orders and ordered suspension of liquidation for the affected historical entries.
- Waaree says the CBP finding is limited to a small subset of past entries, that inspections showed no Chinese‑origin cells were used in U.S. shipments, and that the company will pursue de novo administrative review and possible judicial review.
- Investors reacted quickly with Waaree shares falling about 5 percent on concern over regulatory uncertainty and potential hits to the company’s large overseas order book tied to U.S. sales.
- Key unresolved issues include how large any retroactive duties or deposit requirements will be once liquidation is finalized and whether the administrative or court appeals will overturn or narrow the finding.
- The case highlights how EAPA investigations can suspend liquidation pending final adjudication and shows potential spillover to separate U.S. AD/CVD actions that already carry high preliminary rates on some India‑origin solar imports.