SRF shares decline after SC dismisses company petition

SRF

The share price of SRF declined more than 1 percent after the Supreme Court dismissed a petition filed by the company.

Hon’ble Supreme Court of India has dismissed a special leave petition filed by the company against the order of the division bench of Hon’ble Madhya Pradesh High Court, Gwalior Bench.

Accordingly, the order of Collector of Stamps, Bhind (Madhya Pradesh) assessing a stamp duty of Rs 23.73 crore with a penalty of Rs 5.09 crore on the Deed of Conveyance dated 13th June, 1996 executed in relation to acquisition of captioned division from Ceat Limited was revived, as per a release on BSE.

Therefore, the demand of Rs 28.82 crore raised by the Collector of Stamps, Bhind (Madhya Pradesh) stands confirmed.

The company is exploring legal options available in this matter.

At 14:03 hrs SRF was quoting at Rs 2,767, down Rs 18.20, or 0.65 percent on the BSE.

news Source:- moneycontrol

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