India-First-Global-Insights-Analysis -Sharing-PlatformIndia-First-Global-Insights-Analysis -Sharing-Platform

Apex Court orders IOC to pay Rs. 979 Cr. Entry tax to UP Govt

, February 1, 2012, 0 Comments

New Delhi, February 1, 2012 : Following to supreme court directive, in a major blow to state run oil refiner, Indian Oil Corporation (IOC) may have to pay Rs 979 crore to the Uttar Pradesh Government in the next two weeks as the unpaid entry tax. Company said in a statement to the Bombay Stock Exchange (BSE) that the said order may have financial implications on the company, we are examining the order legally for further course of action. The Mathura refinery’s processing capacity is 8 million tonnes a year. IOC’s total refining capacity is 65.7 mt a year. Around 12 per cent of IOC’s total refining capacity is situated in Uttar Pradesh. Apex court order has negatively impacted share price of IOC, It fell 6 % to Rs 271.45 at BSE on Wednesday, the biggest fall since November 25, 2010.