Sandur Manganese & Iron Ores has informed that the Hon’ble High Court of Karnataka has vide Order dated December 03, 2015 quashed the levy of Forest Development Tax (FDT) by the Government of Karnataka on mining lease holders. The State Government, pursuant to Notification dated August 16, 2008 had amended the provisions of Section 98(A) of the Karnataka Forest Act, 1963 for levying FDT on the sale of ores by the mining lease holders with effect from August 27, 2008. The said matter was contested by the Company and other mining lease holders before the Hon’ble High Court of Karnataka wherein the Hon’ble High Court of Karnataka at Bangalore has pronounced the Judgment to the effect that the levy FDT shall be applicable only to State Government owned entities and not others. The operative portion/summary of the Judgment was pronounced in Open Court and a copy of the Order is awaited.
The above information is a part of company’s filings submitted to BSE.
