The Delhi High Court dismissed GVK Airport Holdings' plea to bar South African partner Bidvest from selling its stake in Mumbai International Airport Ltd. to a third party.
During the hearing, GVK claimed it has requisite financial resources for acquiring Bidvest's stake in MIAL. In May, GVK had submitted a sealed envelope with details of the Rs 1,250 crore it had raised to acquire Bidvest's stake.
The Delhi High Court held an in-chamber hearing on the claim made by GVK but held that the company was indulging in “delay tactics” and rejected the petition. The judgment was passed by a single judge bench of Justice Sanjeev Narula.
GVK Holdings own around 50 percent stake in the venture, while Bidvest has 13.5 percent. MIAL operates the Chhatrapati Shivaji International Airport in Mumbai.
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