Mumbai
The Supreme Court on Friday gave great relief to Gautam Adani regarding the Dharavi revolution project. The court ruled that this project being run by the Adani Group will not be banned. The Dubai company Second Technologies Corp challenged the Maharashtra government’s decision to give the project to the Adani Group. After this, the matter reached the Supreme Court. It is considered to be Asia’s largest urban rehabilitation program.
The Supreme Court has issued notice to all the parties in this case. These include Adani Properties, Government of Maharashtra and Second Technologies Corp of Dubai. Second Technologies had earlier challenged the Maharashtra government’s decision in the Bombay High Court. He said that his dialect was better than the Adani Group. In December 2024, the Bombay High Court dismissed the second petition. The court said that the argument of the seclink does not have power. The government has the right to choose the right bid for such a project.
What did the court say?
A bench headed by CJI Sanjeev Khanna has asked the seclink to ensure that its bid of Rs 8,640 crore is much higher than Adani’s bid of Rs 5,069 crore.
However, the court also clarified that Seclink would have to follow all the conditions already fixed by Adani. These include lease payment of Rs 1000 crore to the Railways, compensation payment of Rs 2800 crore and construction of 812 railway quarters. The Supreme Court also directed that files related to the project should be presented in the court. The next hearing will be held on 25 May.
Have to keep a separate bank account
The Supreme Court has directed the Adani Group to keep a separate bank account. This account will have all the transactions related to the project. This is because the work of construction and sabotage has started.
The Supreme Court said that according to the Income Tax Act and Rules, proper accounts, including invoices, will be kept. The court insisted that no special equity would be claimed. The final decision of the contract will depend on the outcome of the appeal.
What is the Dharavi redevelopment project?
Adani Properties, the real estate development company of Adani Group, emerged as the tallest bidding company in November 2022. It received 80% stake in Dharavi Redevelopment Project Private Limited. The Maharashtra government has the remaining 20% ​​stake.
This project is spread over 600 acres of land. It plans to redevelop 296 acres of land, while open places like Mahim Nature Park will be preserved. Dharavi has more than 8,50,000 people. This number is more than 1 million, including temporary population. It is the most densely populated area in Mumbai.