By Express News Service HYDERABAD: In some fresh trouble, the city-based GVK Group has come under the scanner of the Ministry of Corporate Affairs (MCA). As per unconfirmed reports, MCA is inspecting the company’s books based on a whistle-blower’s complaint alleging misappropriation of funds in Mumbai International Airport Ltd (MIAL), in which GVK holds a 50.5 per cent stake. When contacted, company sources confirmed that it had received the MCA missive, but dismissed it as routine. They added that it pertained to only MIAL and that they were unaware of any whistle-blower’s complaint. “GVK is not aware of any whistle-blower complaint. They are baseless and hence we would like to refrain from responding,” he said. Reports also suggested that MCA’s inspection extended to multiple entities of GVK, including GVK Power & Infrastructure, and GVK Jaipur Expressway Pvt, besides probing the role of auditors and the company secretary. Officials from MCA weren’t immediately available for comment. The move comes at a time when the infrastructure major is exploring ways to retire some of its debt. At the same time, the company is on course to acquire 23.5 per cent additional stake in MIAL from stakeholders Bidvest and ACSA. However, complicating matters, Adani Group, which has been eyeing a stake buyout in MIAL (from Bidvest and ACSA), has moved court. GVK, though, has the first right of refusal to acquire the Bidvest stake, and how the proposed acquisition pans out will be keenly watched. Given the slump in infrastructure and power projects, MIAL is one of the few cash-generating entities for GVK and turned in profits in FY18. In contrast, GVK’s other businesses are under severe stress for want of funds and resources.

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