High Court To Hear Adani’s Plea On Mumbai Airport’s South Africa Firm Share On Sept. 30
The Bombay High Court will hear on Sept. 30 a petition filed by the Adani Group seeking direction to the GVK Group-run Mumbai International Airport and the aviation ministry to allow buying out minority stake held by South African firm Bidvest in the airport.
The suit came up for hearing before a single bench of Justice AK Menon on Tuesday. The court said it would hear arguments for interim relief on Sept. 30.
Adani had moved High Court earlier this month for execution of its agreement with Bid Services Division Mauritius (Bidvest) of sale of its stake in the airport.
Bidvest owns 13.5 percent in the country's second busiest airport.
Other shareholders are Airports Company of South Africa Global which owns 10 percent, Airports Authority of India (26 percent) and GVK Airport Holdings, which is the majority owner with a 50.5 percent ownership.
Bidvest had entered into an agreement with Adani group to sell its entire stake in the airport for a consideration of Rs 1,248 crore or Rs 77 a share.
Adani, in its suit filed on Sept. 4, has claimed that its share purchase agreement dated March 5, with Bidvest, held through its Mauritian arm, is valid, subsisting and binding.
The present suit is being filed seeking specific performance of the agreement executed between the plaintiff and Bidvest for purchasing its entire shareholding of 1,62,000,000 shares representing 13.5 percent of the fully paid-up share capital of MIAL, it said.
It also sought a direction to the South African company and the other shareholders in MIAL to do everything necessary to give effect to the agreement and, pending final hearing of the suit, direct the company to not create any third-party rights in respect of the process.