Nuvoco Vistas Corporation Limited has informed the Exchange that the Hon ble High Court of Chhattisgarh has disposed off the Writ Petition filed by the Company, thereby giving liberty to the Company to pursue the pending case before the Collector of Stamps, Raipur.
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Nuvoco Vistas informed exchanges that the Chhattisgarh High Court has disposed off the company's writ petition against stamp duty proceedings initiated by the Collector of Stamps, Raipur. The case dates back to a 1999 conveyance deed for the Sonadih cement plant, where the Collector had initiated suo moto proceedings alleging undervaluation of the property. The company had paid the required stamp duty and completed registration. The High Court has given the company liberty to pursue the pending case before the Collector of Stamps. The 2002 interim order that barred the Collector from passing a final order was tied to this writ petition, so stamp duty proceedings may now move forward.
The disposal of the writ petition is a mildly negative development as the company did not get relief from the High Court. With the interim protection effectively ending, the Collector of Stamps can now proceed with the enquiry, and any adverse order could result in additional stamp duty liability plus penalties on the Sonadih plant acquisition, though the financial impact remains uncertain.