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Essar Oil Receives Rs 63 BN Demand Notice from Tax Authorities

  • Essar Oil has received demand notice from the tax authorities of the Gujarat Government for repayment of the full amount of sales tax deferment benefit utilized by the company of approximately Rs 63 billion, plus interest accrued.An announced previously, the company is in discussion with the Gujarat Government regarding payment schedule and is in the process of filing a petition seeking a review of the decision in the Honourable Supreme Court.It is expected that it will now take 60-90 days to complete the discussions with the Gujarat Government, and to receive an outcome on the review petition with the Honourable Supreme Court.Shares of the company declined Rs 2.25, or 3.59%, to trade at Rs 60.35. The total volume of shares traded was 1,718,356 at the BSE (12.06 p.m., Tuesday).

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