Supreme Court: Big blow to India’s leading businessman Gautam Adani from the Supreme Court, Adani Power fined Rs 50,000 by the Supreme Court in a case of Rs 1300 crore.

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Veteran Indian businessman Gautam Adani has received a major blow from the Supreme Court. Actually, Gautam Adani’s company Adani Power has been reprimanded by the Supreme Court in a case of Rs 1300 crore. The court has refused to consider the case of late payment surcharge of more than Rs 1300 crore from Rajasthan Distribution Companies (Discoms). The court refused to consider the application of Adani Power demanding LPS. Not only this, the court has also imposed a fine of Rs 50,000 on Adani Power.

What did the court say?
The court reprimanded Adani Power of Adani Group and said that the miscellaneous application is not a proper legal recourse. The court said that such relief cannot be sought in an application seeking clarification… After this, the court refused to consider Adani Power of Adani Group and imposed a fine of Rs 50,000. Let us tell you that Adani Power had demanded more than Rs 1,300 crore as LPS from the state discom. It is under Jaipur Vidyut Vitran Nigam Limited, a power distribution company owned by the Government of Rajasthan.

Rajasthan had asked for clarification
Let us inform that the discom led by Jaipur Vidyut Vitran Nigam Limited (JVVNL) expressed doubt on the listing of the case and sought clarification on the payment of LPS fixed in August 2020. Arguing compensation, the Adani Power application sought further payment of Rs 1,376.35 crore from JVVNL. Changes in the law and carrying costs were decided in the decision of August 2020. It argued that this was different from the LPS under the power purchase agreement (PPA) with JVVNL in January 2010.

Adani Power did not file any review petition against the decision
The court said that Adani Power did not file any review petition against the decision. The only review petition of Rajasthan Discom was rejected in March 2021. Adani Power had earlier expressed its desire to withdraw its application to allow it to approach the appropriate forum on power disputes. Singhvi argued that the August 2020 decision had awarded cost compensation as a remedy for LPS, but the company was entitled to this amount under the PPA.

Decline in shares
Today i.e. on Monday, all the stocks of Adani Group declined. Till the time of writing the news, the group’s flagship stock, Adani Enterprises was trading at Rs 3095.80, down 1.15 percent. Shares of Adani Wilmar Limited were trading at Rs 338.30 with a decline of 1.70 percent. Adani Power share also declined by 1.03 percent today.