Essar Oil to file review petition on SC order

Essar Oil is planning to file a review petition in the Supreme Court against the apex court’s verdict on Tuesday. The Supreme Court had set aside a 2008 Gujarat High Court ruling and asked Essar Oil to pay Rs6,308 crore towards the sales tax deferment scheme, which the company was not eligible for. “Essar Oil is examining all legal options and expects to file a review petition in the Supreme Court,” said the company.

Company officials said the firm’s sales tax deferment benefit under the scheme was to the tune of Rs9,100 crore, of which the company has utilised close to Rs6,300 crore. Therefore, the company will have to shell out the said amount and “the repayment schedule is expected to be discussed and finalised with the state government of Gujarat and/or court”.