HC asks Reliance Industries to deposit 10 cr

Mumbai, Feb 27 (UNI) The Bombay High Court today asked Reliance Industries to deposit Rs 10 crore with the state exchequer towards the differential amount of stamp duty payable in respect of the deed of amalgamation of erstwhile Reliance Petrochemicals into Reliance Industries.

The Superintendent of Stamps had issued a notice on January 23 asking the company to pay the differential amount of Rs 10 crore, persuant to an order of the revenue authorities passed on December 30, 2006.

Reliance Industries had challenged the order as well as the notice.

Upon hearing the matter, a division bench of acting Chief Justice H L Gokhale and Justice V M Kanade today asked the company to deposit the amount in the court before the matter is heard. The court granted time till Thursday to the company as senior counsel Iqbaal Chhagla, appearing on bahalf of Reliance Industries, sought time to take instructions.

Reliance Industries has paid an amount of Rs 15 crore out of the total amount of Rs 25 crore demanded by the revenue authorities. The company had sought remission of Rs 10 crore as it has already paid it in Gujarat but the revenue authorities in Maharashtra have declined to grant the remission.

UNI