Ad Power Ltd informed stock exchanges on Thursday that the Supreme Court has ruled in its favour by dismissing review petitions filed by Rajasthan distribution compes (discoms) challenging the August last year verdict related to a compensatory tariff.
"We would like to inform that the Hon'ble Supreme Court ("SC") has dismissed the review petitions filed by Rajasthan Discoms in the matter of the SC Judgment dated August 31, 2020, pertaining to recovery of compensatory tariffs by Ad Power Rajasthan Limited, a wholly-owned subsidiary of the Company," it said in regulatory filings.
On August 31 last year, the apex court had asked three Rajasthan power discoms to pay a compensatory tariff to Ad Power's subsidiary since 2013. The verdict was for recovering the higher cost of imported coal.
Ad Power and the Rajasthan discoms have been in a dispute about a power purchase agreement which was signed in 2010 for electricity supply from Kawai thermal power plant in the state.
The Rajasthan discoms disputed that any compensation paid to Ad Power will be recovered from the consumers, affecting the public interest.
( With inputs from ANI )
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