Friday, Mar 29 2024 | Time 05:57 Hrs(IST)
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Business Economy


Adani group gets court nod for restructuring

New Delhi, May 29 (UNI) The Adani group has received sanction from the Gujarat High Court for restructuring its different companies under the scheme of demerger. The restructuring would include Adani Enterprises Ltd, Adani Ports, Special Economic Zone Ltd, Adani Power Ltd, Adani Transmission Ltd and Adani Mining Private Ltd. Post restructuring Adani Enterprises would run the mining operation while the port and power business would be demerged out of the flagship firm, the two demerged company would be listed as power and port subsidiaries. The market did not find enthusiasm in the demerger scheme and investors shunned the Adani group shares which have remained favourites in the market in the last one year. The flagship Adani Enterprises fell by 25 and Adani Ports and Special Economic Zone by 9.70. ''The company has received certified copy of the order of the High Court of Gujarat sanctioning the Composite Scheme of Arrangement between Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd and Adani Power Ltd and Adani Transmission Ltd and Adani Mining Private Ltd and their respective shareholders and creditors pursuant to the provisions of sections 391 to 394 and the other provisions of the Companies Act, 1956,'' the group said in a BSE filing. UNI ASH PY AE 1658
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