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Surprised by the FIR registered by CBI: MIAL

Our Bureau | Updated on July 02, 2020 Published on July 02, 2020

To use the proceeds to fund the purchase of additional shares in MIAL, from Bidvest and ACSA.

Mumbai International Airport Ltd (MIAL) on Thursday said it was suprised to note the registration of a case by CBI against the company Chairman and nine others.

"MIAL would have provided every assistance had the agency sought explanation or any document, even if a preliminary enquiry had been initiated. MIAL is a transparent and responsible corporate entity, which is committed to co-operate with the agency in its investigation to arrive at the truth," a spokesperson for the company said.

The FIR lodged by the Central Bureau of Investigation (CBI) in the GVK Airport Holdings case alleges that the company siphoned off ₹705 crore through bogus contracts, under-reported revenues and misused reserves for the holding company by allowing premium retail spaces to family and relatives at lower rates, by booking “exuberantly expensive” air and train travel for employees and those close to GVK Holdings.

The FIR has been registered against GVK Holdings, its founder Gunupati Venkata Krishna Reddy, his son, Venkata Sanjay Reddy, Managing Director of Mumbai International Airport Ltd (MIAL), along with eight other people, including public servants of Airport Authority of India (AAI), for the alleged siphoning off of ₹705 crore from the operations of Mumbai airport.

ALSO READ: https://www.thehindubusinessline.com/companies/the-case-against-gvk-and-its-promoters-exclusive-details-from-the-cbi-fir/article31969283.ece

ALSO READ: https://www.thehindubusinessline.com/companies/cbi-conducts-searches-at-gvk-group-premises-in-mumbai-and-hyderabad/article31970054.ece

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Published on July 02, 2020
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