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NCLT okays IL&FS stake sale in GIFTCL to Gujarat govt

Thursday, 28 May 2020
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The National Company Law Tribunal (NCLT) has approved IL&FS to selling its stake in Gujarat International Finance Tec-City Company (GIFTCL) to the Gujarat government. IL&FS has 50 percent stake in GIFTCL.

The Gujarat government has agreed to pay a positive equity value of 100 percent of the IL&FS stake in GIFTCL, by which, the positive equity value of over Rs 32.70 crore will come to IL&FS. IL&FS had sought that an amount of Rs 61.84 lakh is excluded as resolution process costs incurred for meeting various expenditures, other applicable taxes from the sale proceeds of the applicant's shareholding in GIFTCL to the Gujarat government.

The NCLT also permitted IL&FS to withdraw a sum of Rs three crore from the escrow account opened to keep sale consideration for meeting the additional process resolution costs that may arise, after approval by the Board of Directors appointed by the tribunal.

That sale consideration payable to IL&FS excluding resolution process costs will be credited into a designated Escrow Account intimated by the applicant and such funds will be maintained as interest bearing fixed deposits, the order added. Since GIFTCL has been classified as a "Green" entity, IL&FS commenced the resolution process of GIFTCL.

 
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