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Jun 02, 2012, 10.04 AM IST
The Delhi High Court has ruled in favour of Indraprastha Gas that government regulator Petroleum and Natural Gas Regulatory Board (PNGRB) does not have the authority to fix tariffs. Reacting to the development, IGL surged 29% to close at Rs 249.35 on the BSE.
The Delhi High Court has quashed PNGRB's April 9 order. In that order PNGRB had lowered IGL's tariffs by over 60% and directed it to enforce this retrospectively from April 2008. Today the Delhi High Court said that IGL will not have to retrospectively refund customers, that could have led to an outgo of Rs1600 cr and make its networth negative. Sources say IGL is "120%" confident the PNGRB will approach the SC and therefore it is planning to file a caveat at the apex court in the coming days Meanwhile, other gas stocks Gujarat Gas Company and Gail closed up 14.6% and 8.5% respectively on the BSE.
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