Ultratech Cement liable to Pay Interest @ 12% on Exessive Subsidy until Entire Excess Subsidy Recovered

Ultratech Cement Ltd. & Anr. Vs State of Rajasthan & Ors (Supreme Court) The issue under consideration is whether interest will be levied on availment of excessive subsidies of 25% under Rajasthan Investment Promotion Scheme-2003 until the whole excessive subsidies are recovered? Supreme Court states that when availing of subsidy to the tune of 75% (and thereby availing 25% in excess) is not referable to any misrepresentation by the appellants and there is no allegation of breach of any of the conditions of RIPS-2003 by the appellants while availing such benefit, the respondent cannot ...