ICICI Bk, StanChart, SBI pulled up for stamp duty evasion

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ICICI Bk, StanChart, SBI pulled up for stamp duty evasion

The Gujarat High Court recently pulled up ICICI, Standard Chartered, SBI and Kotak Mahindra Banks for evading stamp duty on the sale of non-performing assets amongst themselves, reports CNBC-TV18.

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Excerpts from India Business Hour on CNBC-TV18 Watch the full show » ALSO READ See latest News about APS-Star Ind See previous management interviews See what other Experts & Brokerages are saying about APS-Star Ind BSE | NSE 01/01/70 Are Mutual Funds betting on ? Other Stocks in this news Kotak Mahindra Bank | State Bank of India |

The Gujarat High Court recently pulled up ICICI , Standard Chartered , SBI and Kotak Mahindra Bank s for evading stamp duty on the sale of non-performing assets amongst themselves, reports CNBC-TV18.

On July 9, Gujarat HC disallowed the sale of 56 NPAs, including Calico Mill , Aryoday Geaning and APS Star India Ltd ., to Standard Chartered and Kotak Mahindra Banks. The two banks had earlier submitted an application to the HC for clearing the purchase from SBI and ICICI Bank. The HC said the sale violated transfer of property, registration and stamp duty acts.

The court noted that although the banks had followed RBI guidelines, they hadn't paid stamp duty nor procured any Certificates of Registration for the property of the applicants, even in states other than Gujarat. The banks are now weighing their options, whether to appeal to the Gujarat HC division bench or the Supreme Court.

Dhimant Vasavda , Advocate for Calico Mill, said, "According to the HC, all transactions will be canceled even if the banks were to approach the courts."

Whatever the decision regarding the appeal, it has to be made within the month.