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Idea to approach Delhi HC to lift stay on Spice deal

Idea to approach Delhi HC to lift stay on Spice deal
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First Published: Mon, Apr 04 2011. 06 03 PM IST
Updated: Mon, Apr 04 2011. 06 03 PM IST
New Delhi: 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 High Court of Gujarat in November 2009 and by the Delhi High Court in February 2010.
Spice Communications’s operations have already been merged with Idea.
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First Published: Mon, Apr 04 2011. 06 03 PM IST