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| Exchange Disseminated Time | Gujarat State Fertilizers & Chemicals Ltd has informed BSE that the Company has challenged the Office Memorandum (OM) bearing No. :23011/5/2012-MRP dated January 06, 2014 issued by Dept. of Fertilizers, Ministry of Chemicals and Fertilizers before the Hon. High Court, Gujarat for recovery of so called undue benefits to the P&K fertilizer producing companies for use of cheap domestic gas in the production of P&K fertilizers from the date of issue of the said OM.
Further the Company has informed that, the said decision of the Dept. is in complete contrast/contradiction with the extant Nutrient Based Subsidy (NBS) Policy under which fertilizer companies get the subsidy at a fixed amount irrespective of the cost of Fertilizers they produce. The Company has contested the matter from the standpoint of adherence to the rule of law.
The implementation of the said memorandum has been stayed by the Hon. Court of Gujarat. |
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