Bannari Amman Sugars gets Rs 12.72 cr tax recovery notice
BANARISUG · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The sugar unit at Alathukombai in Sathyamangalam Taluk received a recovery order from the District Collector of Erode for Rs 12.72 crores in tax and interest under the Tamil Nadu electricity tax act, covering June 2003 to March 2016. The company had won a writ petition in the High Court in 2012, and a previous District Collector had withdrawn similar recovery in 2019. The current collector has now issued fresh proceedings, and the company says it has strong legal grounds and is consulting counsel to challenge through appeal or court.
Demand is modest relative to company size. No immediate cash impact expected as company plans legal challenge. Watch for case updates.