Bannari Amman Sugars Limited has informed the Exchange regarding 'Revised Demand Notice received from Tamilnadu Power Distribution Corporation Ltd'.
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Bannari Amman Sugars received a revised demand of Rs. 38,05,535 from TNPDCL towards start-up power tariff for the period October 2013 to July 2017. This is a sharp reduction from the original demand of Rs. 8.69 crore (which included a 50% tariff balance of Rs. 3.24 crore plus interest of Rs. 5.44 crore), and also lower than the earlier interim revised demand of Rs. 1.44 crore. After verification of TNERC orders, TNPDCL issued the corrected demand, and the company has already paid Rs. 38,05,535 to close the matter. The company has stated this has no material financial impact. No non-compliance or penalty was flagged by the authority.
Positive outcome for shareholders — the demand was cut by over 95% from the original notice, the company considers the impact immaterial, and the long-pending dispute since 2013 is now closed. No material effect on earnings or stock price is expected.