NTPC announces winding up of PPDCL
05 Feb 2011
National Thermal Power Corporation (NTPC) has announced the winding up of its shell company Pipavav Power Development Company Limited (PPDCL) following receipt of consent from the Registrar of Companies.
"Now, the Registrar of Companies, through its letter dated 28 January 2011 has informed that the name of Pipavav Power Development Company Limited has been struck off from the Register of Registrar of Companies, NCT of Delhi & Haryana pursuant to section 560 of the Companies Act, 1956 and the said company stands dissolved," NTPC said in a filing with the Bombay Stock Exchange (BSE).
PPDCL was set up under a Presidential directive received from the ministry of power and was incorporated on 20 December 2001 with a view to develop infrastructure of Pipavav Power Project in Gujarat. Further, NTPC signed a memorandum of understanding (MoU) with Gujarat Power Corporation Ltd (GPCL) and Gujarat Electricity Board (GEB) on 20 February 2004 for development of the project in joint venture. However, the government of Gujarat subsequently decided to develop the project in association with some other strategic partner.
In view of the decision of the government of Gujarat, NTPC sought approval of power ministry to wind up PPDCL. The power ministry, through its letter dated 15 April 2010, conveyed the approval of Government of India to permit NTPC wind up PPDCL through striking off the name under Section 560 of the Companies Act, 1956.
Accordingly, NTPC made an application for winding up of Pipavav Power Development Company Limited to the office of the Registrar of Companies.