AGI Greenpac Limited has informed the Exchange regarding 'Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
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AGI Greenpac has received a demand notice of Rs. 40.61 Crores from Southern Power Distribution Company of Telangana Limited (TGSPDCL) for surplus power procured from Andhra Pradesh Gas Power Corporation Ltd (APGPCL) over the period 2002 to 2022. The company says it is a beneficial shareholder under a group captive power arrangement and had already paid APGPCL directly for this surplus power at applicable rates. According to AGI Greenpac, TGSPDCL has raised the demand without accounting for the payments already made to APGPCL. The company has challenged this disputed demand by filing a Special Leave Petition (SLP(C) No. 004715/2024) before the Supreme Court, which has been admitted and is currently pending.
This represents a contingent liability of Rs. 40.61 Crores for AGI Greenpac. An adverse Supreme Court ruling could lead to a financial outflow, but with the matter sub judice and the company contesting the demand, there is no immediate cash impact. Investors should track the case outcome as it could affect future earnings.