India, June 21 -- The Bombay high court on Wednesday confirmed a Rs.9.76-crore penalty imposed on IL&FS Financial Services Ltd (IFIN) for failing to pay stamp duty on time following the demerger of the company. A single judge bench of justice Jitendra Jain dismissed the petition filed by the IL&FS group firm, challenging the levy of penalty over and above the stamp duty of Rs.7.07 crore, which was payable towards registration of the court order on the company's demerger.

IL&FS (Infrastructure Leasing & Financial Services) underwent a demerger in 2007-08, wherein iIts ancillary businesses including IFIN were constituted as wholly-owned subsidiaries and IL&FS was transformed into a holding company focused on investments and lending to its ...