Shares of AGI Greenpac Ltd. will be in focus after the company disclosed that it has received a demand notice of ₹40.61 crore from the Southern Power Distribution Company of Telangana Limited (TGSPDCL).
According to the company’s filing, the demand pertains to surplus power procured from Andhra Pradesh Gas Power Corporation Ltd. (APGPCL) between 2002 and 2022, in addition to contracted supply. AGI Greenpac, being a beneficial shareholder under a group captive power arrangement, said it had directly paid APGPCL for the surplus power at applicable rates. However, TGSPDCL issued the demand without accounting for the payments already made to APGPCL.
Challenging the demand, AGI Greenpac has filed a Special Leave Petition (SLP) before the Supreme Court, which has admitted the matter and is currently hearing the case.
The company said it remains confident of its position and has termed the demand “disputed.” Investors will be watching closely for the court’s outcome, as the financial impact of the demand could be material if upheld.
