State-owned gas utility GAIL India Ltd has told market regulator Sebi that it did not consider DoT’s notice seeking Rs 1.83 lakh crore in past dues as material event warranting disclosure to stock exchanges as the amount in the provisional assessment was considered not payable.
Replying to a notice by the Securities and Exchange Board of India (Sebi) over non-disclosure of Department of Telecommunications (DoT) assessment orders/demand notices, GAIL on May 6 said the demand was not legally tenable.
“The amount assessed in provisional assessment orders are not payable, being unrelated matter to the terms and conditions of the IP-II licence obtained by the company and hence are also legally not tenable,” the company in a regulatory filing disclosing the communication with Sebi.
