The ministry has asked for the information and documents concerning the Mumbai International Airport Ltd (MIAL) and Navi Mumbai International Airport Ltd (NMIAL) for the financial years 2017-18 to 2021-22.
[Photo: Twitter/@AdaniOnline]
Gautam Adani-owned Adani Enterprises confirmed that the Ministry of Corporate Affairs is examining the accounts of the group’s two airports in Mumbai.
The ministry has asked for the information and documents concerning the Mumbai International Airport Ltd (MIAL) and Navi Mumbai International Airport Ltd (NMIAL) for the financial years 2017-18 to 2021-22.
Advertisement
Responding to the development, Adani Enterprises said its units will respond to the communication received from the Ministry of Corporate Affairs in “accordance with applicable legal provisions”.
Advertisement
“MIAL and NMIAL have received communications from the said Authority about the initiation of investigations of books of accounts and other books and papers in terms section 210(1) of the Companies Act, 2013,” Adani Enterprises said on BSE filing.
In July 2021, the Adani Group acquired a 74 per cent stake in Mumbai’s international airport by picking up GVK Group’s 50.5 per cent stake and a 23.5 per cent stake from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd.
As a result, the group also got to build and operate the Navi Mumbai airport. Adani has said it will commence operations from December 2024.
The Adani Group has won bids for six AAI airports at Lucknow, Mangaluru, Ahmedabad, Jaipur, Guwahati and Thiruvananthapuram. It has been responsible for operating, managing, and developing airports for over 50 years.
The ministry’s notice is the latest challenge for the conglomerate. The company is still under the rebuilding process since the US-based short seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation earlier this year.
Advertisement
