AGI Greenpac Limited on Wednesday (August 20) informed exchanges that it had received a demand notice of ₹40.61 crore from Southern Power Distribution Company of Telangana Limited (TGSPDCL), a government of Telangana undertaking, for surplus power procured from Andhra Pradesh Gas Power Corporation Ltd (APGPCL).The company stated that the demand relates to power drawn in excess of the contracted quantum from APGPCL between 2002 and 2022. As a beneficial shareholder under a group captive power arrangement, AGI Greenpac had procured surplus power from APGPCL and made payments directly to APGPCL at applicable rates.
However, TGSPDCL has issued the demand notice without factoring in the payments already made to APGPCL, AGI Greenpac said in its filing.
Also Read: CCI rejects objection raised by AGI Greenpac, clears way for Uganda’s INSCO takeover of HNGChallenging the disputed demand, the company has filed a special leave petition (civil) before the Supreme Court of India. The company added that the SLP has been admitted and is currently pending before the apex court.
Shares of AGI Greenpac Ltd ended at ₹933.35, down by ₹3.40 or 0.36%, on the BSE today (August 20).
Also Read: Why AGI Greenpac shares fell 19% on Wednesday?
(Edited by : Shoma bhattacharjee)
