SEL moves Company Law Board against JV partner Gammon India

NEW DELHI: Sadbhav Engineering ( SEL) today said it has moved Company Law Board against its joint venture partner Gammon India with regard to alleged acts of oppression and mismanagement in the affairs of Mumbai Nasik Expressway.

The expressway is jointly operated by Gammon and SEL.

"SEL has filed a petition before the Company Law Board (CLB), Mumbai against Gammon India Ltd ( GIL), Gammon Infrastructure Project Ltd (GIPL) and their erring directors seeking relief in relation to certain alleged acts of oppression and mismanagement in the affairs of Mumbai Nasik Expressway Ltd...," SEL said in a regulatory filing.

In Mumbai Nasik Expressway Ltd, 80 per cent of the paid up capital is held by GIL, while SEL holds the rest.

SEL said that the matter is likely to come up for first hearing shortly.

Gammon India also informed BSE that it has been served with a copy of petition filed by SEL "with the CLB, Mumbai against the company, Gammon Infrastructure Projects Ltd and others seeking relief in relation to alleged acts of oppression and mismanagement in the affairs of Mumbai Nasik Expressway Limited, the Company's step down subsidiary."

Gammon India said that it is examining the petition and will contest it.