Bharti Airtel gets Rs 1.82 cr stamp duty demand from Mumbai collector
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Bharti Airtel received a demand notice from the Office of the Collector of Stamps, Mumbai, alleging short levy of stamp duty on an Agreement of Sale of Power executed by the company in 2014. The notice demands Rs 1,82,47,052 (about Rs 1.82 crore) in stamp duty and penalty under the Maharashtra Stamp Act, 1958. The company says it is examining the merits of the demand and the legal remedies available, and will take appropriate action in due course. Maximum financial impact is limited to the penalty amount levied.
Small one-time impact of about Rs 1.82 crore, immaterial for Airtel. Company plans to contest, outcome uncertain.