Essar Oil to file petition in Supreme Court
Essar Oil is planning to file a review petition in the Supreme Court against the apex court's verdict on Tuesday.
The Supreme Court of India has put aside a ruling by Gujarat High Court in 2008 and has asked Essar Oil to pay Rs 6,308 crore for a sales tax deferment scheme as the company was not eligible for the scheme.
According to company officials, the company sales tax deferment benefit under the scheme was about Rs 9,100 crore and it has utilized close to Rs6,300 crore. Thus, the company might have to reply the amount as per the schedule that will be prepaed after discussions with the state government of Gujarat or the court.
Even after the company lost a Rs 6,300-crore sales tax deferment suit against the Gujarat government, its officials claimed that it will among he biggest players in implementing projects in the state.
Dilip Oommen, CEO & MD, Essar Steel said that the Essar group was probably the biggest investor as a corporate and industrial entity in the state. The group has already executed projects to the tune of Rs 90,000 crore in Gujarat.