In a clear message to Maldives, India said it would like to see "fulfilment" of all legal process and adherence to all relevant contracts and agreements regarding the compensation in the USD 500 million GMR Male airport project.
In a clear message to Maldives, India said it would like to see "fulfilment" of all legal process and adherence to all relevant contracts and agreements regarding the compensation in the USD 500 million GMR Male airport project. Reacting to the verdict of a Singapore court which ruled that the Maldives government can take back the Male Airport from the private firm, official spokesperson in the Ministry of External Affairs Syed Akbaruddin said the ministry as well as the Indian High Commission in Male is studying the judgement and their lawyers need to understand it.
Pointing out that there are two issues in the case--one sovereign right of a nation and other legality of the agreement, which was linked to compensation to GMR and its associates in Malaysia, he said the latter part has not been "affected or responded" in today's judgement. "These issues are not affected with judgement or not responded to...Fulfilment of all legal process and requirement is what we want to see in this case and we hope that all relevant contracts and agreements would be adhered to and all legal process are carried through," he said.
The Singapore Court, which had earlier stayed the termination of the contract by the Maldives, today said the governmentthere has the authority to take back the airport. India has also conveyed to the Maldives that it expected no arbitrary and coercive action should be taken pending the outcome of legal proceedings on the GMR contract issue, warning that recourse to any such action would have adverse consequences for bilateral relations. On appointing of a new envoy to Maldives replacing incumbent D M Mulay, he said Mulay has completed more than three years and seven months and his appointment to New York is routine.
GMR Infra stock price
On July 07, 2015, GMR Infrastructure closed at Rs 14.50, down Rs 0.01, or 0.07 percent. The 52-week high of the share was Rs 31.65 and the 52-week low was Rs 10.91.
The latest book value of the company is Rs 16.45 per share. At current value, the price-to-book value of the company was 0.88.
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