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Board defers decision on Adani Power sale

Author: IANS/Wednesday, July 12, 2017/Categories: Corporate

Board defers decision on Adani Power sale

Mumbai, July 11 (IANS) Adani Power on Tuesday said that it has approached lenders for no-objection certificate (NOC) for a slump sale of its "Mundra Power Project" to its subsidiary company Adani Power (Mundra).

Last month, Adani Power's Board of Directors had approved a proposal for a slump sale of its Mundra Power Project to one of its subsidiary companies. "Adani Power Board of Directors have approved demerger of the Mundra Power 4,620 MW undertaking to a subsidiary of the Adani Power with associated assets and liabilities including bank loans," a spokesperson for the company said.

According to the company, its board's decision is subject to necessary approval and consent of stock exchanges, lenders, shareholders and National Company Law Tribunal (NCLT) among others.

"BOA (Board of Approval) of SEZ (Special Economic Zone) has deferred the decision with a query. In its meeting held on 3rd July it has decided to defer the proposal of approving the demerger until no-objection certificate is received from the banks," the spokesperson said. 

"We have approached the lenders and once an approval is granted we will take the process forward as required. The NOC from the banks would be taken through a meeting conveyed as per the directions of NCLT. BOA of SEZ approval is mandatory to make the demerger effective as per the extant SEZ Act and rules."

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S Vijaykrishnan
S Vijaykrishnan

IANS

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