Reliance gets Show Cause Notice for Rs. 9500 Crores from Central Excise

By Vijay Kumar

Reliance Industries Ltd, got a Show Cause Notice from Central Excise asking the company to explain why action should not be taken against it for shgort payment of duty amounting to Rs 9,500 crore.

The notice has been issued for non-payment of duty on export of petrol, high-speed diesel and aviation turbine fuel from the company’s Jamnagar refinery during the five-year period from August 31, 2000 to August 31, 2005. The basis of the notice is - you guessed it right – an Audit objection from CAG. Watch for the Reliance counter to observe how the share market reacts to this news.