GAIL (India) announced that the company had received provisional
assessment orders towards Annual License Fees in respect of IP-II License for several financial years from the Office of Controller of Communication Accounts, Department of Telecommunication (DoT), Ministry of Communications, Government of India. DoT had submitted an allegedly total outstanding amount of Rs.1,83,076 crore including interests and penalty computed on the entire revenues of the Company, which were refuted by the Company being an unrelated matter to the terms & conditions of the License.
Based on the legal opinion sought in this regard and facts of the case, the Company is of the view, that the amount assessed in provisional assessment orders are legally not tenable. In this regard, the Company has also filed an application with Hon'ble Supreme Court on 23 January, 2020 for seeking clarification of the judgement passed.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
