Government Investigates Adani-Run Airports

16 Oct 2023 CW Team

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.

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