Essar Energy files petition against Indian Supreme Court ruling
16 February 2012
Indian energy giant Essar filed a petition to the Supreme Court of India today, requesting a review of last month’s ruling that the company is no longer able to defer its sales tax.
The Gujarat High Court had previously allowed Essar Oil to delay the start of commercial production from the Vadinar Refinery, which would have enabled the company to pay the $1.24 billion in sales tax it owed in deferred instalments.
However, the Supreme Court reversed this ruling, leaving Essar liable to pay the outstanding tax immediately.
More to follow...
Essar hit as Indian Supreme Court raises sales tax deferral risk