Anil Ambani group withdraws petition in Yacht case

Ammolite Holdings Ltd, an Anil Dhirubhai Ambani Group company, on Friday withdrew its petition against customs department which had alleged that the company had evaded duty on a yacht it brought to India.

Ammolite Holdings Ltd, an Anil Dhirubhai Ambani Group company, on Friday withdrew its petition against customs department which had alleged that the company had evaded duty on a yacht it brought to India.

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The company lawyers did not reveal as to why the petition was withdrawn but apparently the company was trying to reach an out-of-court settlement in the matter.

The Bombay High Court today granted Ammolite the liberty to file a fresh petition on this issue in future.

'Tian', the yacht in question, was reportedly a gift by Anil Ambani to his wife Tina.

The Customs department, in February this year, seized it and asked Ammolite to pay duty of Rs three crore.

The department alleged that the yacht was supposedly on its way to Colombo, but was instead unloaded here, evading the duty. Ammolite had denied the charges of duty evasion, and had moved High Court against the department.