MORE TROUBLE FOR ESSAR
The hapless Essar Group has suffered yet another setback due to the sorry state of its finances.
The Directorate of Revenue Intelligence has seized goods worth Rs600cr (approx:$142m) that were unlawfully imported by Essar for its 10m tonnes refinery project. The DRI has levied duties and penalties of Rs132cr (approx:$31m) and begun an investigation into how Essar managed to clear the imports.
Essar apparently managed to get the equipment (pumps, heat exchanger, sand pipes) cleared by the Excise department before it had paid pre-budget duties. A cheque for payment later bounced because of lack of funds.