In response to Essar Oil’s petition in the Honorable Supreme Court on principal repayment schedule and waiver\remission of interest in the Sales Tax issue, today the honorable court has directed the company to pay Rs. 10 billion (approx. US$185 million) to the Gujarat government towards sales tax\VAT dues by July 30th.
Essar Oil had offered to pay this amount in its submission to the court.
On payment of this amount of Rs. 10 billion (approx. US$185 million) coercive steps already taken by State, would be stayed.