SRF Ltd confirms demand of Rs.288.2 mln rupees raised by MADHYA PRADESH

GURUGRAM | NEW DELHI | MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT – In a regulatory update submitted to the Indian Stock Exchanges, New Delhi headquartered tyre manufacturer SRF Ltd said of having confirmed the demand of Rs.288.2 million (~28.82 crore) raised by the Collector of Stamps, Bhind (Madhya Pradesh).

The company update as submitted to the Indian Bourses read that, The Hon’ble Supreme Court of India has passed an order on 23rdSeptember, 2019 dismissing Special Leave Petition filed by the Company against the order of the Division Bench of Hon’ble Madhya Pradesh High Court, Gwalior Bench per which the Hon’ble High Court had set aside the order of Single Bench of Hon’ble Madhya Pradesh High Court, Gwalior.

Accordingly; the order of Collector of Stamps, Bhind (Madhya Pradesh) assessing a stamp duty of Rs. 23.73 Crores with a penalty of Rs. 5.09 Crores on the Deed of Conveyance dated 13th June, 1996 executed in relation to acquisition of captioned division from Ceat Limited was revived.

Therefore, the demand of Rs. 28.82 Crores raised by the Collector of Stamps, Bhind (Madhya Pradesh) stands confirmed.

The Company is exploring legal options available in this matter.


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