Chatterjee in discussion with state government for out-of-court settlement on motor spirit dispute

27-Jul-11
Purnendu Chatterjee of The Chatterjee Group (TCG) is in discussions with the West Bengal government for an out-of-court settlement on the motor spirit dispute, as reported by PTI. Earlier TCG has moved the Calcutta High Court against the former Left Front government for classifying HPL as an oil company as a result of which it was restricted from collecting sales tax on sales of MS and appropriating the same for itself. It is estimated that the company loses Rs 1 crore per day as it is not being able to collect and retain sales tax. Although HPL is a petrochemicals product manufacturer, the company also manufactures MS as a by-product. Recently, the Centre had waived the 5% duty imposed on naphtha imports, through which HPL would save Rs 350 crore pa.
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