Legal7 Mar 2025, 02:00 am
High Court Orders Refund of Rs. 19.38 Crore to Usha Martin Ltd. in Iron-Ore Production Dispute
AI Summary
Usha Martin Ltd. has received an order from the High Court of Jharkhand to refund the amount of Rs. 19.38 Crore, deposited under protest in 2018-19, along with 7% interest per annum since the date of deposit. This order comes after the Company filed a Writ Petition challenging a demand notice for excess production of iron-ore during the years 2006 - 2007 and 2007 - 2008. The Company will lodge its claim for the refund as per the court order.
Key Highlights
- High Court of Jharkhand orders refund of Rs. 19.38 Crore to Usha Martin Ltd.
- Refund includes 7% interest per annum since the date of deposit in 2018-19.
- Order comes after Company's Writ Petition challenging demand notice for excess iron-ore production.
- Usha Martin Ltd. to lodge claim for refund as per court order.
- No impact on management personnel, promoters, or ultimate persons in control.