HC orders suspension of activity at 12 Adani SEZ units

Written By Unknown on Selasa, 14 Januari 2014 | 12.44

Jan 14, 2014, 10.34 AM IST

Some units in the Mundra SEZ were allegedly operating in violation of norms as they had failed to receive individual clearances from the state environment ministry, according to the court's observation.

Tags  Adani, Mundra, special economic zone, SEZ, suspend, Adani Ports and Special Economic Zone

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HC orders suspension of activity at 12 Adani SEZ units

Some units in the Mundra SEZ were allegedly operating in violation of norms as they had failed to receive individual clearances from the state environment ministry, according to the court's observation.

Like this story, share it with millions of investors on M3

HC orders suspension of activity at 12 Adani SEZ units

Some units in the Mundra SEZ were allegedly operating in violation of norms as they had failed to receive individual clearances from the state environment ministry, according to the court's observation.

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The Gujarat High Court on Monday asked the Adani Group to shut down 12 of the 21 units operating in its Mundra special economic zone (SEZ), one of the largest SEZ in the country.

Some units in the Mundra SEZ were allegedly operating in violation of norms as they had failed to receive individual clearances from the state environment ministry, according to the court's observation.

A public interest litigation (PIL) was filed against  Adani Ports and SEZ Ltd by villagers and the court had in 2012, too, issued a directive asking Adani to refrain from any activity in the 12 units under consideration.

Also read: Adani Ports Q2 net up 24% at Rs 342 cr

The court has asked the ministry of environment and forests to decide on giving clearance to the SEZ units within 30 days till which time "there shall not be any further activity in the form of construction etc. including the functioning of the units in question."

In a statement, Adani confirmed it has been restrained from any constructional, operational or manufacturing activities at the units but added operations at the Mundra port were running normally.


Adani Ports stock price

On January 14, 2014, at 11:04 hrs Adani Ports and Special Economic Zone was quoting at Rs 145.00, up Rs 1.20, or 0.83 percent. The 52-week high of the share was Rs 175.00 and the 52-week low was Rs 118.00.


The company's trailing 12-month (TTM) EPS was at Rs 9.26 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 15.66. The latest book value of the company is Rs 32.44 per share. At current value, the price-to-book value of the company is 4.47.


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