In a setback for the Adani Group, the Bombay High Court (HC) on Wednesday rejected a plea by Adani Properties seeking interim relief to restrain Bidvest from selling its stake in Mumbai International Airport (MIAL) to third parties, including the GVK group. The move comes a day before the Adani Group’s share purchase agreement (SPA) for Bidvest’s 13.5 per cent stake in MIAL lapses.
The Adani Group and GVK Group have been engaged in a legal battle since March to buy out Bidvest’s stake in one of the world’s busiest airports. Adani Properties, which in March entered an agreement with Bid Services Division (Mauritius) to buy out Bidvest’s stake in MIAL, had on September 4 moved the Bombay HC seeking to enforce the stake sale contract, which lapses on November 7. The plea also sought directions from the court to declare the SPA as “valid, subsisting and binding”. Additionally, it sought to restrict Bidvest from selling shares to any third parties.
On Tuesday, Darius Khambatta, Adani Group’s counsel, had told the court that the group was willing to immediately deposit the agreed upon price of around Rs 1,248 crore for Bidvest’s stake in MIAL, if Bidvest agreed to extend the long-stop date for the SPA to February 7, 2020. —FE