Government Investigates Adani-Run Airports
AVIATION & AIRPORTS

Government Investigates Adani-Run Airports

The Indian government has launched an investigation into the financial accounts of Mumbai International Airport Ltd. (MIAL) and Navi Mumbai International Airport Ltd. (NMIAL), both currently operated by Adani Enterprises Ltd. This inquiry pertains to the period from fiscal year 2018 to 2022, covering the years prior to the Adani Group's acquisition of these airports in 2022.

The investigation is being conducted by the Office of Regional Director-Southeast Region, Hyderabad, Ministry of Corporate Affairs, under Section 210(1) of the Companies Act, 2013. The government has sought access to the books of accounts, along with other related documents and records.

In response to the investigation, the Adani Group clarified that the acquisitions of MIAL and NMIAL were completed during the financial year 2022, and a significant portion of the information and documents being sought by the government relates to the period preceding the acquisition, spanning from fiscal year 2018 to 2022.

MIAL and NMIAL, both under the management of Adani Enterprises Ltd., have pledged to provide the necessary information and cooperate with the authorities in accordance with applicable legal provisions.

The investigation reflects the government's scrutiny of financial transactions and records in the corporate sector to ensure compliance with relevant regulations and to maintain transparency in the business operations of entities operating in the aviation and infrastructure sectors.

The Indian government has launched an investigation into the financial accounts of Mumbai International Airport Ltd. (MIAL) and Navi Mumbai International Airport Ltd. (NMIAL), both currently operated by Adani Enterprises Ltd. This inquiry pertains to the period from fiscal year 2018 to 2022, covering the years prior to the Adani Group's acquisition of these airports in 2022. The investigation is being conducted by the Office of Regional Director-Southeast Region, Hyderabad, Ministry of Corporate Affairs, under Section 210(1) of the Companies Act, 2013. The government has sought access to the books of accounts, along with other related documents and records. In response to the investigation, the Adani Group clarified that the acquisitions of MIAL and NMIAL were completed during the financial year 2022, and a significant portion of the information and documents being sought by the government relates to the period preceding the acquisition, spanning from fiscal year 2018 to 2022. MIAL and NMIAL, both under the management of Adani Enterprises Ltd., have pledged to provide the necessary information and cooperate with the authorities in accordance with applicable legal provisions. The investigation reflects the government's scrutiny of financial transactions and records in the corporate sector to ensure compliance with relevant regulations and to maintain transparency in the business operations of entities operating in the aviation and infrastructure sectors.

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?