STOCK MARKET BSE NSE

Vizhinjam project: Kerala High Court issues notice to Gautam Adani

The petitioner stated that the Comptroller and Auditor General (CAG) found the state’s interests were not protected when the deal was signed.

Published: 22nd February 2018 02:07 AM  |   Last Updated: 22nd February 2018 02:07 AM   |  A+A-

A file image of a fisherman looking at a group of young fishermen who are taking their boat into the sea at Vizhinjam. (EPS | Kaviyoor Santhosh)

By Express News Service

KOCHI: The Kerala High Court on Wednesday issued notices to Adani Group chairman Gautam Adani and others on a petition seeking CBI probe into awarding the Vizhinjam International Seaport Ltd project to the group. Former Chief Minister Oommen Chandy and former Ports Minister K Babu are the others who have been issued notices.

The petition filed by M K Salim of Kollam also sought a court-monitored probe.Salim submitted the Comptroller and Auditor General (CAG) found the state’s interests were not protected when the deal was signed. The CAG report said the agreement between the state government and Adani Group on the Vizhinjam Harbour seaport was one-sided. It said though the standard concession period was only 30 years, extendable by another 20 years, the current deal mentioned the standard concession period as 40 years. This stipulation would allow Adani Group to collect another Rs 29,217 crore and a total of more than Rs 60,000 crore if it was extended by another 20 years.

Salim submitted the CAG report also listed various unfavourable conditions in the concession agreement of the project which went against the state’s interests and to the advantage of Adani Group.He submitted that Chandy and Babu were responsible for the alleged loss to the exchequer and for not protecting the state’s interest.The petitioner also sought a directive for taking effective steps to protect the state’s interest by making necessary modifications in the agreement.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp