Financial Daily from THE HINDU group of publications
Tuesday, Mar 07, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 07, 2006 |
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Corporate
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Corporate Disputes Info-Tech - Telecommunications Resolve Idea row fast, Birlas urge DoT Our Bureau
New Delhi , March 6 The Aditya Birla Group has urged the Department of Telecom to expedite a resolution in its ongoing dispute with the Tata Group over Idea Cellular. In another letter to the DoT, the Birla Group rubbished claims made by the Tatas that they were not the direct promoters of Idea Cellular and said that it was almost a month since the issue was brought to the notice of the Government. The Birla Group had initially pointed out that the Tata Group was violating licence norms by holding stake in two different companies within the same circle and therefore DoT should ask the latter to exit from Idea Cellular. Birlas also sought a probe on Tata's acquisition of AT&T's stake in Idea cellular through a Mauritius-based investment company.
TATA'S CHARGE
Tatas on the other hand sent a termination notice to Birlas alleging that the company had made Idea Cellular's financials public, which was against the shareholders agreement. no substance in the termination notice served by Tatas and it was an attempt to divert the attention from real issues. DoT has meanwhile asked the Tata Group to come clear on the shareholders' structure in Tata Teleservices and Idea Cellular by tomorrow.
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