Shares in Essar Energy, the India-focused integrated energy company, fell more than two per cent on Tuesday after the Supreme Court of India ordered it to pay 182m dollars to the government of Gujarat by July 30th in relation to its deferred sales tax liability.
Essar's Indian subsidiary, Essar Oil, is currently seeking guidance from the Supreme Court on a repayment schedule as well as the waiver of interest in relation to the deferred sales tax liability of around $1.12bn.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Review: Eden Roc Cap Cana – fun, sun and golf in the CaribbeanTravel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
-
Reeves delays cash ISA reform, but savers are not out of the woods yetThe chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry
