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Business
NCLAT Rejects Zaveri Group’s Bid for Gujarat Hydrocarbons and Power SEZ
✍️ The Economic Times
🗓 05 Sep 2026, 01:18 AM
👁 34
The National Company Law Appellate Tribunal has set aside the Zaveri Group’s application to acquire the Gujarat Hydrocarbons and Power Special Economic Zone.
The National Company Law Appellate Tribunal (NCLAT) has annulled the Zaveri Group’s proposal to take over the Gujarat Hydrocarbons and Power Special Economic Zone (SEZ). The tribunal’s order, issued on Thursday, finds that the bid did not satisfy the regulatory and procedural requirements governing SEZ transactions.
The Gujarat Hydrocarbons and Power SEZ, located in the state of Gujarat, is earmarked for integrated energy projects, including oil and gas processing and power generation. The Zaveri Group had sought approval to develop the zone, citing potential investment of several hundred crore rupees and job creation.
By setting aside the application, NCLAT has effectively halted the group’s plans pending a fresh compliance review. Industry observers note that the decision underscores the strict scrutiny applied to SEZ approvals, especially in sectors linked to energy security. The tribunal has directed the parties to address the identified deficiencies before any further action can be taken.
The Gujarat Hydrocarbons and Power SEZ, located in the state of Gujarat, is earmarked for integrated energy projects, including oil and gas processing and power generation. The Zaveri Group had sought approval to develop the zone, citing potential investment of several hundred crore rupees and job creation.
By setting aside the application, NCLAT has effectively halted the group’s plans pending a fresh compliance review. Industry observers note that the decision underscores the strict scrutiny applied to SEZ approvals, especially in sectors linked to energy security. The tribunal has directed the parties to address the identified deficiencies before any further action can be taken.