Shares of Adani Power soured after the Supreme Court. in a ruling on February 25, had ordered three power trading companies owned by the Rajasthan government to pay remaining compensatory dues to the company.
The judgement from the top court comes in a contempt petition that was filed by Adani Power seeking payment of Rs 6,738 crore from three discoms towards compensatory tariff.
Today, the Supreme Court has granted a period of four weeks to the Rajasthan discoms to pay a sum of Rs 3,000 crore along with interest at the rate of 9 percent.
In September 2020, the apex court had passed an order directing the three distribution companies to pay compensatory dues since 2013 to Adani power towards recovery of the higher cost of imported coal. The top court had upheld the order passed by the appellate tribunal. In 2021, the top court rejected the review petition filed by the discoms and gave finality to its order on compensatory dues to be paid to Adani Power.