Mumbai: The GVK Group, which is in locked in a legal battle with the Adani Group on stake sale in its flagship Mumbai International Airport (MIAL), on Tuesday said it has received a notice from the corporate affairs ministry (MCA), seeking some details about the airport operator.
This comes at a time when the Hyderabad-based diversified GVK Power & Infrastructure Limited, which owns 50.5 percent stake in the MIAL, is in the process of hiking its stake in the airport arm by acquiring 23.5 per cent additional stake from Bidvest and ACSA.
The MCA notice, according to sources, is based on a whistleblower complaint to MCA with regard to alleged ‘diversion of funds’ from some of the GVK Group companies.
MCA has initiated an inspection of the books of 11 entities, which include GVK Power & Infrastructure, Mumbai International Airport, GVK Jaipur Expressway Pvt and GVK Power. It has also ordered an inspection of the books of Navi Mumbai International Airport Pvt – the under construction airport at Navi Mumbai.
These companies are located in different jurisdictions – Hyderabad, Bengaluru, Rajasthan and Mumbai — of the Registrar of Companies and MCA has sent a physical inspection letter to each of these companies, sources said.
