Adani Group is currently emboiled into legal troubles as the Corporate Affairs Ministry has been probing the accounts of the group’s two airports in Mumbai. It seems that Adani Group has been facing several legal issues at the same time. The Corporate Affairs Ministry of India is closely looking into the accounts of the Adani Group’s two Mumbai-based airports. What could be the reason for an investigation into Adani Group’s two Mumbai airports’ accounts? Not to mention, the frequent legal issues within the group have significantly impacted its authority in the global market. Therefore, a stir has been caused among the Adani investors and its associates. People who are scrambling to the web regarding the same, are asked to stick with this page and take a look below.
The news of an investigation into Adani Group’s Mumbai-based airports’ accounts was confirmed by the company itself on Friday, October 13, 2023. Reportedly, Adani Enterprises told the stock exchange that a legal investigation has been launched by the Corporate Affairs Ministry into the accounts of the group’s two airports in Mumbai. The group further added that the Office of Regional Director in the Ministry of Corporate Affairs, Southeast Region, Hyderabad, sought documents and information on the airports for financial years 2017-2018 to 2021-2022. Shift to the next section and find out more details.
If you are scrounging to know which are the two airports of the group, here is the answer: Mumbai International Airport Ltd and Navi Mumbai International Airport Ltd. Adani Enterprises mentioned in the BSE filing, “MIAL and NMIAL have received communications from the said Authority about the initiation of investigations of books of accounts and other books and papers in terms section 210(1) of the Companies Act, 2013,” Do you know how many airports does billionaire Gautam Adani own? If not swipe down the page.
Industrialist Gautam Adani owns and operates a total of seven airports across the country, including two in Mumbai. Reportedly, the Gautam Adani-led group made the highest bid for six AAI airports in February 2019. Those six AAI airports are Mangaluru, Lucknow, Ahmedabad, Guwahati, Thiruvananthapuram, and Jaipur. For the unversed, Adani Group has been managing, developing, and operating airports for more than 50 years. In July 2021, Adani Enterprises bought a 74 percent stake in Mumbai’s international airport by picking up GVK Group’s 50.5 percent stake and a 23.5 percent stake from Bid Services Division Ltd and ACSA Global Ltd.