Petition No. 421/MP/2014. Case: Adani Power Limited Vs Power Grid Corporation of India Ltd.. Central Electricity Regulatory Commission
| Case Number | Petition No. 421/MP/2014 |
| Counsel | For Appellant: Meet Malhotra, Senior Advocate |
| Judges | Gireesh B. Pradhan, Chairperson, M. Deena Dayalan, A.K. Singhal and A.S. Bakshi, Members |
| Issue | Companies Act, 1956 - Sections 391, 392, 393, 394; Companies Act, 2013 - Section 2(87); Electricity Act, 2003 - Sections 14, 17, 17(1), 17(3), 79(1)(e) |
| Judgement Date | January 08, 2015 |
| Court | Central Electricity Regulatory Commission |
Order:
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The petitioners, Adani Power Limited (APL) and Adani Transmission (India) Limited (ATIL) have jointly filed the present petition under sub-section (3) of Section 17 read with Section 79(1)(e) of the Electricity Act, 2003 ("the Act") for approval of transfer of the Transmission licence granted to APL to ATIL.
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APL is a subsidiary of Adani Enterprises Limited (AEL) and is engaged in the business of generation and transmission of electricity. Adani Transmission (Gujarat) Ltd. was incorporated on 2.12.2013 to inter-alia carry on the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems. Subsequently, the name of Adani Transmission (Gujarat) Ltd. was changed to Adani Transmission (India) Limited with effect from 13.2.2014. ATIL is a wholly owned subsidiary of APL and also a step down subsidiary of AEL in terms of Section 2(87) of the Companies Act, 2013. Transmission of electricity is covered under the objects of ATIL. Relevant portion of Memorandum of Association of ATIL is extracted as under:
"To carry on in India or abroad the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems/networks, power systems, generating stations based on conventional/ non conventional resources for evacuation, transmission, distribution or supply of power through establishing or using stations, tie-lines, sub-stations and transmission or distribution lines in any manner including build, own and transfer (BOT), and/or build, own and operate (BOO) and/or build, own, lease and transfer (BOLT) and/or build, own, operate and transfer (BOOT) basis or otherwise, and to acquire in any manner power transmission systems/networks, power systems, generation stations, tie-lines, substations and transmission or distribution systems from State Electricity Boards, Vidyut Boards, Power Utilities, Generating Companies, Transmission Companies, Distribution Companies, Central or State Government Undertakings, Licensees, other local authorities or statutory bodies, other captive or independent power producers and distributors and to do all the ancillary, related or connected activities as may be considered necessary or beneficial or desirable for or along with any or all of the aforesaid purposes which can be conveniently carried on these systems, networks or platforms."
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The authorized, issued, subscribed and paid up share capital and shareholding of ATIL as on 31.8.2014 are as under:
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The petitioners have also...
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