Idea says to approach court to lift stay on Spice deal

47178 Investors following Idea Cellular. Share this News with them.

0

Like this story, share it with millions of investors on M3

Idea says to approach court to lift stay on Spice deal

Idea Cellular, India's sixth-biggest mobile phone operator, said on Monday it will approach a court seeking to lift a stay order obtained by the country's telecoms ministry on the company's takeover of another telecoms firm.

Post your opinion here

 

0

Tweet

Share on Tumblr

ALSO READ See latest News about Idea Cellular See previous management interviews See what other Experts & Brokerages are saying about Idea Cellular Idea Cellular BSE | NSE 28/05/12 Are Mutual Funds betting on Idea Cellular? Other Stocks in this news Spice Communications |

Idea Cellular , India's sixth-biggest mobile phone operator, said on Monday it will approach a court seeking to lift a stay order obtained by the country's telecoms ministry on the company's takeover of another telecoms firm.

Idea last Friday said it will oppose an "an ex parte order" obtained by the telecoms ministry on the merger of Spice Communication with itself, a deal it said was approved over a year ago.

In a statement to stock exchanges on Monday, Idea said it was in the process of filing necessary application before the Delhi High Court seeking to lift the stay.

Idea, which in 2008 agreed to buy Spice in a three-way deal that also gave Malaysia's Axiata a fifth of Idea, said the merger was approved by the Gujarat High Court in November 2009 and by the Delhi High Court in February 2010.

Spice Communications's operations have already been merged with Idea.