Thread by @lawbarandbench

Gujarat High Court to hear the demerger and amalgamation of Adani Enterprises concerning Adani Ports, Adani Transmission and other companies.

Bench headed by CJ Aravind Kumar and Justices Shastri and Nisha Thakore.
@gautam_adani @AdaniOnline #AdaniPower

Senior Advocate Mihir Joshi begins his arguments for Adani.

CJ: In Gujarat, there is no practice of hearing special matters on Saturday? Full bench is sitting and i want to finish these hearings.

MJ: No, I dont want to be the first to volunteer!

#GujaratHighCourt

This matter to be heard in detail on March 21st.

Mihir Joshi begins to brief the court on facts.

#GujaratHighCourt @AdaniOnline @gautam_adani

Adani has proposed a Scheme of Reconstruction.

Adani Enterprises is a flagship company either by itself or through wholly owned subsidiaries.

#GujaratHIghCourt had sanctioned the scheme as a whole. this was approved as a group company. This was one scheme

#GujaratHighCourt

Principle issue in the case, according to Adani, its one scheme of reorganisation and restructuring and therefore stamp duty payable is on one instrument.

Therefore stamp duty payable is Rs. 25 crore (which is the max).

#GujaratHighCourt

But according to the State, we will breakup the entire document in 5 parts and each of these companies is a distinct matter and therefore 5 stamp duties have to be paid.

#GujaratHIghCourt

HC: Is this a demerger or a hiving?
Joshi: There are 3 demerger and 1 merger. Refers to Section 5 of the Bombay Stamps Act.

#GujaratHighCourt

Court to hear the matter the Adani Merger / Demerger issue on March 21.

#GujaratHIghCourt @gautam_adani @AdaniOnline @AdaniKaran