Bannari Amman Sugars Limited has informed the Exchange regarding 'Revised Demand Notice received from Tamilnadu Power Distribution Corporation Ltd'.
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Awaiting price reaction for this filing.
Bannari Amman Sugars received a revised demand notice of Rs. 1,43,74,087 from TNPDCL for start-up power charges covering October 2013 to July 2017. This is a big drop from the original demand of Rs. 8,69,15,567, which had included Rs. 5,44,69,128 in interest. The interest component has been removed after the company submitted records and court orders for verification. However, the company has pointed out that the revised calculation still contains errors and is approaching the department again for correction.
The sharp reduction in the demand amount is a positive development for shareholders, but the matter remains open. The final financial impact is still uncertain and depends on further discussions with the authorities and correction of the calculation errors.