The Maldivian government has asserted that it would not honour the Singapore High Court's order that stayed the termination of GMR's airport contract.
Masood Imad, the Maldivian President's media secretary, alleged that the Singapore High Court's order was a wrong interpretation of law, and stressed that a court does not own the right to issue such an injunction against a sovereign state.
Speaking on the topic, Imad said, "The judge was incorrect in interpreting the law. Where compensation is adequate, an injunction cannot be issued. A court cannot issue such an injunction against a sovereign state."
The island state's defence minister & acting transport minister, Mohamed Nazim, declared that state-owned Maldives Airport Company Ltd (MACL) would completely takeover the Male airport by Saturday.
GMR had won the contract to upgrade and operate the airport in 2010, during the previous regime of President Mohamed Nasheed.
The contract was signed for 25 years, but the government terminated the contract on November 27 thus year, just around two years after it was awarded.
Andrew Harrison, chief executive of the GMR airport project, said that they would clearly fight for their rights all the way through the court.
The GMR Infrastructure shares gained 5.36 per cent to close at Rs 19.65 on the Bombay Stock Exchange (BSE), while the benchmark Sensex slipped 0.18 per cent.