Supreme Court of India (SC) has denied to put a stay on the Dharavi redevelopment projects being undertaken by the Gautam Adani-led Adani Group on certain conditions, including maintaining a separate bank account for all payments. In an appeal filed by the Seychelles-based SecLink Group, Chief Justice of India (CJI) Sanjiv Khanna led a bench on Friday that stated that it is passing an escrow order, particularly because if the court rules against the Adani Group or the project in the future, the financial transactions can be traced, according to Cnbctv18 report.
“Proper accounts including invoices, etc as required by the Income Tax Act and Rules shall be undertaken,” said the court.
In the same order, the apex court has issued notices to the Maharashtra government and Adani Properties. The order also sought information on the reasoning behind the government's dismissal of SecLink’s bid. SC will next hear the matter on May 25.
Adani vs. SecLink
The development comes after a Seychelles-based SecLink Group appealed to the SC, alleging that the conditions of the Dharavi redevelopment project tender were tweaked to favour Adani Properties. The company also claimed that the bid made by it was much higher than that of the Gautam Adani-led Adani Group. SecLink’s initial bid was of Rs 7,200 crore in the 2018 original tender, which was later increased to Rs 8,640 crore, whereas Adani’s bid was of Rs 5,069 crore.
“Never seen a government wanting less money for redevelopment. Relaxations have been given to Adani...The 2018 bid of Rs 7,200 crore was rejected in favour of Rs 5,069 crore bid of Adani,” SecLink said in the court, according to CNBCtv18.
Adani’s Dharavi Redevelopment Project
Adani’s Dharavi redevelopment project is to develop 296 acres out of the total 600 acres of Asia’s largest slum. The power-to-port conglomerate bagged the bid for the project in 2022. Adani Group, via Adani Properties holds 80% stake in the project and the Maharashtra state has control over the remaining stake.
