DoT asks GAIL to pay Rs1.83 lakh cr; stock up 1%

DoT asks GAIL to pay Rs1.83 lakh cr; stock up 1%
GAIL (India) Ltd filed an application with Supreme Court seeking clarification on the provisional assessment orders the company has received from DoT.

“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed 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,” the company said in the filing on Thursday.

DoT had submitted an allegedly total outstanding amount of Rs1.83 lakh cr 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 January 23, 2020, for seeking clarification of the judgement passed, it added.

Stock view:

GAIL (India) Ltd is currently trading at Rs131.05 up by Rs1.45 or 1.12% from its previous closing of Rs129.60 on the BSE.
The scrip opened at Rs131.70 and has touched a high and low of Rs131.70 and Rs129.10 respectively

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