Mumbai: Adani Ports & Special Economic Zones Ltd, whose acquisition of controlling stake in Snowman Logistics Ltd hit a hurdle, has refuted claims made by promoters of the cold chain logistics company regarding the stake sale.
Snowman's promoter Gateway Distriparks Ltd had informed the stock exchanges on 11 May that the deal to sell promoter stake to Adani had been called off. "This is to inform you that the condition for completion of transaction by 31 March 2020 was not met by the Acquirer despite without prejudiced good faith attempts to resolve the matter, and the Agreement is not in force due to repudiation thereof by the Acquirer.