Shock to this company of Gautam Adani, Supreme Court will consider its decision of 2019

There is bad news for Gautam Adani’s company Adani Power. In fact, the Supreme Court will reconsider its decision in the matter of termination of the power purchase agreement (PPA) by the Adani Group. Along with this, the court has also issued notice to Adani Power.

What is the matter: This matter is related to the curative petition of Gujarat Urja Vikas Limited (GUVL). In fact, Adani Power had terminated the power purchase agreement with GUVL alleging that the Gujarat Mineral Development Corporation (GMDC) had failed to supply coal to it. Against this, GUVL had approached the Gujarat State Electricity Regulatory Commission, which held the cancellation of the agreement illegal.

Against this decision, the Adani Group approached the Appellate Tribunal and that too upheld the decision of the Commission. After this the Adani group moved the Supreme Court. In July 2019, the Supreme Court ruled in the interest of the Adani Group. GUVL filed a review petition against this decision. After this, the review petition was dismissed on 3 September. Thereafter GUVL filed a curative petition. During this petition, the top court has issued notice to Adani Power.

Share Price: On Friday, the share price of Adani Power closed at Rs 99.85 with a gain of about 1.11 per cent on the BSE index. However, on June 9, 2021, the share price of Adani Power went up to Rs 167.05. This is the 52-week high of Adani Power. Since then the share price has been declining. Talking about the market capital of the company, it is Rs 38,511.54 crore.