Antony Waste Handling Cell Limited has informed the Exchange regarding 'Update on Material Subsidiary '.
AWHCL · price
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The Bombay High Court has set aside the 2009 de-notification of roughly 120 hectares at the Kanjurmarg landfill, restoring it as a 'protected forest' under the Forest Conservation Act, 1980 and the Indian Forest Act, 1927. BMC has three months to implement the restoration, during which waste disposal may continue at the site. The court noted this significantly affects Mumbai's waste management since Kanjurmarg handles about 90% of the city's solid waste. AWHCL's material subsidiary, Antony Lara Enviro Solutions, is the Concessionaire at the site and was not a party to the judgment. The subsidiary confirms that operations remain unaffected for now, MSW continues to be received uninterrupted, and no notice from BMC has been received regarding a halt or relocation. The State of Maharashtra and BMC plan to challenge the order in the Supreme Court.
This is a material risk disclosure for shareholders — if the Supreme Court upholds the order, operations at Kanjurmarg (the subsidiary's key asset handling 90% of Mumbai's waste) could cease, potentially impacting AWHCL's revenue from this material subsidiary. However, near-term operations continue, and the subsidiary retains rights under the Concession Agreement to seek compensation for losses, invested capital, and foregone revenue. Shareholders should watch for the Supreme Court outcome and any further notices from BMC as material triggers.