Reliance Communications plea to buy Sistema admitted

Mumbai, Feb 8 (IANS) The Bombay High Court has directed Reliance Communications to convene a shareholders’ meeting on March 8 to take up the issue of merging Sistema Shyam Teleservices into its fold, while admitting an application in this regard.

“Reliance Communications is, therefore, finalising a notice of the above meeting to be sent to its shareholders and taking necessary action in the matter,” the company said in a statement, adding director R.N. Bhardwaj has been named chair of the court-convened meeting.

The Anil Ambani-led Reliance Communications announced in November last year that it intended to acquire the Indian business of Russia’s Sistema — which is operating under the ‘MTS’ brand — in a unique stock-cum-spectrum-fee payment deal.

The deal first calls for the de-merger of the telecom business of the Russian group’s Indian entity and then the acquisition of that by the Reliance Group firm.

Prior to that, the targeted company is to pay its existing debt, while the shareholders will be entitled to a 10-percent stake thereafter in Reliance Communications.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here