Regulator moves Supreme Court against Indraprastha Gas

Indraprastha Gas Ltd, a company that distributes gas in New Delhi, said the Petroleum & Natural Gas Regulatory Board has filed a petition in the Supreme Court against a high court ruling that favoured the company.

The high court had in June ordered that the board had no jurisdiction of the company.

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IGL had petitioned the order after the board asked the company in April to cut its tariff by 63 percent. PNGRB had also asked the company to refund the customers for the excess tariff with retrospective effect.

The company informed the today that the PNGRB has filed a special leave petition in the Supreme Court against the high court order dated June 1.

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Reacting to the news, shares of the company fell nearly one percent to Rs 231.

In the high court, IGL had contented the PNGRB cannot regulate the price of gas sold by it and that the calculation of the network tariff by the board is misleading, an Economic Times report said earlier.

The company had said the board's action amounted to "usurping the state's power", the report said.