Logistics

MCA notice to MIAL: GVK clarifies that it’s not aware of any whistleblower complaint

V Rishi Kumar Hyderabad | Updated on October 17, 2019 Published on October 17, 2019

States that none of the GVK companies except for MIAL has received any communication from the government.

 

GVK Power & Infrastructure Limited has stated that only the Mumbai International Airport Limited has received communication from the Ministry of Corporate Affairs seeking certain information.

And the response to the queries sought from the Ministry are being provided in the normal course, it said.

Read also: GVK-led Mumbai International Airport under Ministry of Corporate Affairs’ scanner

In a regulatory filing following a query from the Bombay Stock Exchange, on reports of MCA notice to its companies, GVK informed, “As of this moment, none of the GVK companies except for MIAL have received any communication from the Ministry of Corporate Affairs.”

Some media reports had suggested that 11 companies of the GVK Group were served notices.

It further stated that as informed, “We once again confirm that only Mumbai International Airport Limited has received communication from MCA asking certain details/information, which are being provided in the normal course.”

GVK also sought to clarify that they are not aware of any whistleblower complaint about allegations that have appeared in a section of the media. These are baseless, and the company stated that it would like to refrain from responding to them.

This development comes in the backdrop of the GVK Infra seeking to increase its stake in the MIAL from 50.5 per cent to 74 per cent. It has the first right of refusal before others make a bid for the acquisition of the shares.

The diversified Hyderabad-based infrastructure company is at an advanced stage of finalising the acquisition of an additional stake in the MIAL from Bidvest, a South African firm, which owns 13.5 per cent stake.

While the company is in the process of making necessary financial arrangements through a major cross-border equity deal, the Adani Group, which has recently diversified into airports business by acquiring interest to develop several airports in the country, too has expressed its interest to purchase the stake from Bidvest.

The matter of stake buyout from Bidvest has also been taken up with the courts.

 

Published on October 17, 2019
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