BASF India Ltd has received demand notices from the Commercial Tax Department, Karnataka aggregating to Rs.324.49 crore (including interest & penalty) for the period 2006-2010, 2010-11 (2 months), 2014-15, by treating the stock transfers of its Mangalore Plant as interstate sales to dealers. However, recovery of the demand pertaining to the period 2010-11 (2 months) and 2014-15 aggregating to Rs. 98.81 crore has been stalled by the Hon'ble Karnataka Appellate Tribunal. The Company has filed an appeal along with an application for grant of stay on recovery of demand pertaining to the period 2006-2010.
The Company has also filed a Writ Petition before the Hon'ble Karnataka High Court and has prayed for grant of stay on the Demand Notices.
The Company has also received Notices aggregating to Rs. 288.43 crore (including interest & penalty) for the period 2010-11 (10 months) & 2011-14 from Commercial Tax Department, Karnataka. The Company is in the process of filing its detailed reply / submissions in response to these Notices.
The Company, based on the legal assessment, does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter.
Shares of BASF INDIA LTD. was last trading in BSE at Rs.976.2 as compared to the previous close of Rs. 996.5. The total number of shares traded during the day was 537 in over 112 trades.
The stock hit an intraday high of Rs. 1000.8 and intraday low of 975. The net turnover during the day was Rs. 532121.