ITC, govt settle excise dispute

The chairman of ITC has signed a deed of settlement with the revenue secretary, Government of India, to settle the over Rs 800-crore excise dispute.

According to a release issued by the company to the BSE today, "according to the terms of the deed of settlement, the company has agreed not to claim the Rs 350 crore it had paid in 1996 as pre-deposit and the government has agreed to withdraw its claims under the ordinance promulgated on January 25, 2005."