GVK’s MIAL stake buy: Supreme Court asks tribunal to give verdict by January 27
The Supreme Court on Monday asked the arbitral tribunal to pronounce by January 27 its order that may decide if GVK Airport Holdings is in a position to purchase 13.5% stake of Bid Services Division (Mauritius), a subsidiary of Bidvest Group, in Mumbai International Airport (MIAL).
According to Bid Services, GVK – the majority stakeholder in MIAL – has no money to purchase its 13.5% stake. To prove bonafides, GVK should bring Rs 1,248 crore to the apex court, it said.
A Bench led by Justice R Bhanumati directed the three-member arbitral tribunal to give its judgment on or before January 27 as the deadline to sell the stake to the Adani Group is expiring on January 31. It posted the matter for further hearing on January 28, the day stake sale issue will be decided.
