Payment of 5 crore property tax stopped by Hindalco

It was a major news recently when the Belagavi city corporation was handed over a cheque of 5 Crores as payment of property tax. The dues as per the Corporation were 5.63 crores but as first installment a cheque of Rs.5 crore was handed over to Commissioner Prabhu on January 23.

But now Sakal reports that the same has been stopped for payment by Hindalco and a stop payment letter has been handed over to Syndicate bank Yamnapur Branch.

The cheque was dated January 30, but when the corporation got the news that Hindalco has approached the court against the Self assessment of property tax and hence they have stopped the payment of the said cheque.

Source: Sakal