Essar Oil Loses Bid to Overturn $1.2 Billion Tax Payment Order
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Essar Oil Ltd. lost a bid to overturn an order that it pay 63 billion rupees ($1.2 billion) in sales tax to the Gujarat state government, with India’s top court today rejecting the request. The shares plunged.
There is no legal ground to challenge the verdict, Supreme Court Judges A.K. Patnaik and Jagdish Singh Khehar said in New Delhi today.