Tuesday was not a ‘Mangal’ day for the Adani Group. On one hand Gautam Adani’s net worth declined by $977 million on Tuesday, while on the other hand, the Rajasthan High Court Group has suffered a major setback in the 1452 bidhe land case. On Tuesday, all the 6 listed companies of the Adani Group registered a decline. […]
Adani Group Shares
Tuesday was not a ‘Mangal’ day for the Adani Group. On one hand Gautam Adani’s net worth declined by $977 million on Tuesday, while on the other hand, the Rajasthan High Court Group has suffered a major setback in the 1452 bidhe land case. On Tuesday, there was a decline in all the 6 listed companies of Adani Group, whose effect was also seen on Gautam Adani’s net worth, while the court issued an order to cancel the allotted land near Jaisalmer.
In fact, the Rajasthan High Court on Tuesday ordered cancellation of the allotment of 1,452 bighas of land allotted to a company owned by the Adani Group near Pokhran in Jaisalmer. The court made it clear that this land was for public utility services.
blow to power project
This order of the court has dealt a blow to the solar power project of Adani Renewable Energy Park Rajasthan Limited (AREPRL). The company was allotted 6,115 bighas of land in Nedan village near Pokhran. This land was allotted in 2018 for setting up a power plant.
survey of land
The division bench of Rajasthan High Court comprising Justices Sangeet Lodha and Rameshwar Vyas also asked the Rajasthan government to conduct a survey of land allotted to AREPRL and Essel Surya Urja Company of Rajasthan Limited (ESUCRL) in three villages. These three villages are Naden, Grass and Nagnechinagar. The court has also directed to cancel the allotment of these plots. He said that if any part of these plots is found to be allotted for public utility services, then their allotment to the companies should be cancelled.
Decision on Barkat Khan’s petition
The court has given this order on a petition filed by Barkat Khan and 23 others. The petitioners have objected to the allotment of public use land by the state government to solar power companies. At the same time, due to the fall in the shares of Adani Group, there has been a huge decline in the net worth of Gautam Adani. After this fall, Gautam Adani is in danger of being dropped from the list of top 20 rich people of the world.
(with language input)
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