High Court upholds DP World Chennai, rejects state order to cut tariffs

THE Indian High Court of Appeals has upheld the Chennai Container Terminal - run by DP World - against port regulator Tariff Authority's (TAMP) to cut tariffs 35 per cent, reported the Journal of Commerce.


DP World said a rate increase of 13.77 per cent was needed to offset costs, but TAMP said the terminal operator's net surplus of rates in the past justified a reduction.


"The net available surplus of an estimated US$34 million is to be adjusted by effecting in reduction in the existing tariff over the remaining tariff period of two years - fiscal 2011-12 and 2012-13," said TAMP.
(Source:http://www.schednet.com)