Justice S Muralidhar asked the parties to initiate arbitration proceedings, as per the agreement between them, to settle their dispute with respect to Adani's Rs 6,000 crore proposed acquisition of Lanco's power plant.
Delhi High Court Monday dismissed Adani Power Ltd's plea seeking to restrain Lanco Infratech Ltd from selling its shares in its 1200 mega watt thermal power plant in Udupi district of Karnataka.
Justice S Muralidhar asked the parties to initiate arbitration proceedings, as per the agreement between them, to settle their dispute with respect to Adani's Rs 6,000 crore proposed acquisition of Lanco's power plant.
Adani had moved the high court seeking to restrain Lanco and its representatives from selling its shares in Udupi Power Corporation Ltd or creating any third party interest in the unit, saying it would be a violation of a share purchase agreement (SPA) between them.
It wanted to restrain Lanco from selling shares of its Udupi unit till the time the arbitration proceedings remained pending, saying that otherwise its interests would be harmed as it had paid Rs 125 crore as advance consideration.
As per Adani's plea, the conditions of the SPA required Lanco to provide consent to the transaction from all of its secured lenders as well as a consent to release the shares of Udupi pledged with them.
It was Adani's contention that of the 18 secured lenders, Lanco provided "purported consents" from only seven, despite which Adani gave its "purchaser undertaking" agreeing to re-pledge the released shares back with the lenders promptly after closing the deal.
It had also obtained the requisite clearance from the Competition Commission of India, the petition had said. Adani had also accused Lanco of trying to unilaterally terminate the SPA, even though Adani had agreed to extend the same till March 31, 2015. The SPA had expired on December 29 last year.
Lanco had refuted all the allegations made by Adani.
Adani Power stock price
On January 19, 2015, Adani Power closed at Rs 46.70, up Rs 0.90, or 1.97 percent. The 52-week high of the share was Rs 68.50 and the 52-week low was Rs 31.90.
The company's trailing 12-month (TTM) EPS was at Rs 6.31 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 7.4. The latest book value of the company is Rs 27.11 per share. At current value, the price-to-book value of the company is 1.72.
Anda sedang membaca artikel tentang
HC scraps Adani plea to stop Lanco from selling Udupi plant
Dengan url
https://citraasa.blogspot.com/2015/01/hc-scraps-adani-plea-to-stop-lanco-from.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
HC scraps Adani plea to stop Lanco from selling Udupi plant
namun jangan lupa untuk meletakkan link
HC scraps Adani plea to stop Lanco from selling Udupi plant
sebagai sumbernya
0 komentar:
Posting Komentar