The Delhi High Court has set aside the show cause notice and the order passed by the Collector of Stamps, Delhi against Ambuja Cement Limited.
The order passed by the Collector of Stamps, Delhi, directed Ambuja Cement Limited to pay stamp duty of ₹218,87,81,917.26 along with a penalty of ₹69 crores on the merger order dated November 14, 2011.
The Delhi High Court held that the order of amalgamation under Sections 391 to 394 of the Companies Act, 1956 was an instrument exigible to stamp duty, and was pleased to hold that Ambuja Cement Limited was covered under Notification No. 13 dated December 25, 1937.
Further noting that the show cause notice issued by the Collector of Stamp was beyond the prescribed period of limitation.
Ambuja Cement Limited was represented by the S&A Law Offices.
The team was led by Vijay K Singh (Senior Partner) along with Adhip Kumar Ray (Partner), Kumar Shashwat Singh Sawno (Principal Associate) and Simran Sakunia (Senior Associate).
