Delhi HC rejects GVK's plea on Mumbai airport stake sale

The Delhi High Court on Monday rejected GVK Airport Holdings' plea seeking to stop Bid Services Division (Mauritius) from selling its shareholding in Mumbai International Airport Ltd (MIAL) to a third party.

A single-judge bench of Justice Sanjeev Narula said that the GVK Airport Holdings' plea is without merit.

GVK Airport Holdings has moved the court seeking an injunction against Bid Services Division from offering or selling its shareholding in MIAL to any person other than the petitioner.

"Bearing in mind the noted principles, the court notes that the balance of convenience would not lie in favour of the petitioner (GVK Airport Holdings) as granting an injunction can lead to a situation where the value of the property/subject matter would be altered," the court said.

"If the shares are not freely tradeable, the petitioner would still have the remedy in the form of damages and it is not that the petitioner would be rendered remediless.

"More importantly, its conduct disentitles it to inequitable relief of injunction as it has not exhibited that it possesses the adequate financial capacity to complete the acquisition of the shares," the court added.  IANS