Fisheries Secy visits ornamental fish brood bank in Maharashtra (See 'Corp Brief') Company Law - For purpose of maintainability of petitions u/s 397 & 398, expression ‘member' is not to be confined only to formal entry in register of members u/s 41(2): SC (See 'Legal Desk') Over 3,500 Participants compete in AB PM-JAY Hackathon (See 'Corp Brief') Scindia, Fadnavis inaugurate renovated Andheri RS Post Office as Future-Ready Service Hub (See 'Corp Brief') IBC - While subsidiary companies are separate legal entities, corporate veil may be lifted if associated companies are inextricably connected so as to form one concern: SC (See 'Legal Desk') NHAI wins Arbitration Claim in Gujarat Project (See 'Corp Brief') India hosts ISO Subcommittee Meetings on 'Space Systems and Operations' (See 'Corp Brief') UIDAI Data Hackathon 2026 showcases Data-Driven Innovations for Inclusive Governance (See 'Corp Brief') NITI Aayog hosts workshop on Gender Equality (See 'Corp Brief') Ministry of Mines achieves Operationalization of 101 Auctioned Mineral Blocks (See 'Corp Brief') NIScPR signed an MoU with RIS to strengthen Science Technology Innovation Policy (See 'Corp Brief') SPA-designed Transformation begins at Nehru Place Post Office (See 'Corp Brief') IBC - corporate guarantees executed by corporate debtor in respect of loans advanced to group entities constitute 'financial debt' within meaning of Sec 5(8): SC (See 'Legal Desk') Women and SC/ST/OBC entrepreneurs lead PMEGP Success Story (See 'Corp Brief') IndiaAI and ICMR sign MoU to accelerate Responsible AI Adoption (See 'Corp Brief') Shifting of Trains to Upgraded Passenger Reservation System to begin in August (See 'Corp Brief') A&C - In absence of mandatory agreement to arbitrate, and where one party refuses to submit disputes to arbitration, Sec 11 application for appointment of arbitrator is not maintainable: SC (See 'Legal Desk') MoS presents certificates to first batch of Academicians in administration and governance (See 'Corp Brief') Atal Innovation Mission convenes AIM Sumvaad North to boost incubators (See 'Corp Brief') Multi-Organ Donation at Command Hospital, Chandimandir Saves Multiple Lives (See 'Corp Brief') IBC - Supreme Court directs NCLT Principal Bench and IBBI to furnish comprehensive nationwide data on pending approval applications and reasons for such delays: SC (See 'Legal Desk') Dr. Ravichandran inaugurates Urban Testbed and Aerosol Observatory in Chennai (See 'Corp Brief') Indian Steel Sector maintains Growth Momentum in April 2026 (See 'Corp Brief') BRICS Employment Working Group Meeting concludes in Thiruvananthapuram (See 'Corp Brief') IBC - No appeal can be filed in name of corporate debtor by suspended director claiming to be its authorised representative, once corporate insolvency resolution process has been admitted: SC (See 'Legal Desk') Centre approves FRP of Rs 365 per quintal for sugarcane (See 'Corp Brief') IIT-M's First Technology Summit Integrates AI Breakthroughs With Nation-Building (See 'Corp Brief') Centre Pushes Fast-Track Construction of Tribal Schools; Reviews Progress of 728 EMRS Projects (See 'Corp Brief') Cabinet approves Ship Repair Facility at Vadinar (See 'Corp Brief') A&C - Argument having not been raised before Sole Arbitrator, High Court at Sec 11 stage, Commercial Court u/s 34, or in pleadings of present appeal, cannot be permitted to be advanced orally at final stage: HC (See 'Legal Desk') Cabinet approves 3 multitracking projects covering 19 Districts (See 'Corp Brief') India-Japan cooperation in healthcare is guided by a shared vision: Nadda (See 'Corp Brief') Start-ups & MSMEs driving force to realise Viksit Bharat goal: MoS (See 'Corp Brief') A&C - If arbitration clause does not expressly specify seat of arbitration, does not identify definite venue, and does not contain exclusive jurisdiction clause, petition u/s 11(6) may be maintained: HC (See 'Legal Desk') BRO's Project Deepak celebrates 66th Raising Day (See 'Corp Brief') IPR - Appellant is a portal that reproduces university rankings & information available in public domain without alteration, editorial bias, or disparaging commentary - no interim injunction: HC (See 'Legal Desk') Capital Market - If allegation of insider trading under SEBI (PIT) Regulations, 2015 failed entirely, there is no contravention of SEBI Act: SAT (See 'Legal Desk') India witnesses Historic Expansion in Social Security: Mandaviya (See 'Corp Brief') Health Ministry releases RBSK 2.0 Guidelines at National Summit on Best Practices (See 'Corp Brief') NHAI successfully launches India's first Multi-Lane Free Flow Tolling System (See 'Corp Brief') IBC - Since MPID Act falls within State legislative field and attachment mechanism under MPID Act, especially where property already stands attached and vested in State, cannot be overridden by invoking Sec 238 or Sec 96 of IBC: HC (See 'Legal Desk') Goyal congratulates IIFT on 63rd Foundation Day (See 'Corp Brief') Outreach workshop on Atmanirbhar Panchayat Programme held at NIRD&PR, Hyderabad (See 'Corp Brief') Hyderabad should emerge as Global Hub for Yoga and Wellness: Reddy (See 'Corp Brief') IBC - If CIRP period expires without approved resolution plan, separate CoC resolution approving liquidation by 66% voting share is not required for Adjudicating Authority to order liquidation u/s 33(1)(a): NCLAT (See 'Legal Desk') Reining in Misuse of IBC for Recovery (See CORP EINSICHT)

Print

Ashoka Buildcon to buy 49 per cent stake in Ashoka Highways (Bhandara) from IIF

Published: Mar 04, 2021

By TIOLCORPLAWS News Service

NEW DELHI, MAR 04, 2021: ASHOKA Buildcon announced on Thursday it has entered into a share purchase agreement with India Infrastructure Fund (IIF) for acquiring its 49 per cent stake in Ashoka Highways (Bhandara) for around Rs. 36 crore.

The deal involves Ashoka Buildcon buying 1,27,95,399 equity shares held by IIF for Rs. 10 each, along with zero interest shareholders loan for an aggregate consideration of Rs. 35,98,00,000.

After the transaction, Ashoka Buildcon along with its subsidiary Ashoka Concessions, will own 100 per cent of the special purpose vehicle focused on a road project.

Ashoka Highways (Bhandara) was incorporated for the construction, operation and maintenance of the Chhattisgarh/Maharashtra Border-Wainganga Bridge Section of NH-6 which was completed in 2010 and has been collecting toll since then.

The project, awarded by the National Highways Authority of India, was built at a cost of Rs. 528 crore and the turnover for 2019-20 was Rs. 70.92 crore.

The IIF shares are being acquired by the company in three different tranches with the objective of consolidating all of Ashoka Buildcon's road infrastructure business while allowing IIF to exit.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.