Essar Oil’s review petition in relation to deferred sales tax has been disallowed by the Supreme Court of India (SC). However, this order has no new impact on the business.
Besides, the company has already recognised this liability in its quarterly accounts for the quarter ended Dec 31, 2011. The company is in discussion with Gujarat Government for finalising the terms of repayment of sales tax liabilities. Simultaneously, the company is also in discussions with banks for meeting the repayment obligations as may be finalised with Gujarat Government.
Earlier, Essar Oil had filed a petition in the Supreme Court seeking a review of the apex courts decision relating to repayment of deferred sales tax. On January 17, 2012, the Supreme Court had set aside a Gujarat High Court judgment permitting Essar Oil to avail, of a sales tax deferral benefit from the Gujarat Government.
The Gujarat High court in an earlier order had extended time of Essar Oil for commencing commercial production at the Vadinar Refinery, thus making the company eligible to avail of Gujarat State’s Capital Investment Incentive to Premier/prestigious Unit Scheme, 1995-2000.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
| View more.. | |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: