January 22, 2008

Dwarikesh Sugar on SAP judgement

Dwarikesh Sugar Industries Ltd has announced the following Please Release in relation to clarification to Supreme Court Interim Judgement on SAP for 2006-07:

"This is with reference to the Supreme court (SC) Judgment passed on January 18, 2008 in SLP petition filed by Basti Sugar Mills Ltd, wherein SC has, by an interim order, set aside quashing of State Advised Price (SAP), earlier allowed by an interim order of Allahabad High Court dated December 19, 2007 in Basti Sugar Mills Ltd's in relation to season 2006-07.

We wish to put on record that State Advised Price (SAP) for payment of Sugar cane for 2006-07 was fixed at Rs 125 per quintal by the State Government & Statutory Minimum price (SMP) was fixed as Rs 80.25 per quintal linked to basic recovery of 9%.

The aforesaid interim order would cast liability on those Sugar factories, who have not paid their all dues as per SAP for season 2006-07.

We further wish to advise that Dwarikesh Sugar Industries Ltd (our Company) has already paid off all the cane dues as per SAP for season 2006-07 & would not be affected by the aforesaid SC order."

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