- News>
- ICE Economy
HC gives clean chit to Bharti in transfer of shares in Skycell
New Delhi, May 11: The Delhi High Court has cleared the Sunil Mittal-promoted Bharti group of allegations of fraud in getting the approval and sanction of the scheme of arrangements for the transfer of shareholdings in Skycell Communication Ltd.
New Delhi, May 11: The Delhi High Court has cleared the Sunil Mittal-promoted Bharti group of allegations of fraud in getting the approval and sanction of the scheme of
arrangements for the transfer of shareholdings in Skycell Communication Ltd.
Dismissing the allegations of DSS enterprises that the scheme of arrangement between Bharti Telenet Ltd, Bharti Mobinet Ltd and Bharti Cellular Ltd (all three are now
subsidiaries of Bharti Televentures) was done by suppressing the material facts, Justice M K Sharma said "no case of fraud is made out in facts and circumstances of the present case".
"This court found the scheme as a whole to be just, fair and reasonable and accordingly granted sanction to the scheme," the court said terming the application filed by the objector (DSS) as "misconceived" and without any merit.
The Chennai-based Skycell had entered into a joint venture with Crompton Greaves Ltd (CGL), DSS Enterprises, Bell South International and Millicom International Cellular SA in 1992 to provide cellular services.
However, after some years, joint venture concerning Bell South, Millicom and CGL stood terminated as they transferred their entire stake in Skycell in favour of Bharti Televenture Ltd and only DSS asserting that the agreement continues.
DSS had filed an application as an objector asking the court to set aside its July 29, 2003 order granting approval and sanction to the scheme of arrangement.
It had contended that Bharti Mobinet Ltd, which was a petitioner in the matter, had not come to the court with clean hands and did not disclose all material facts and in fact perpetuated fraud on this court.
Bureau Report
"This court found the scheme as a whole to be just, fair and reasonable and accordingly granted sanction to the scheme," the court said terming the application filed by the objector (DSS) as "misconceived" and without any merit.
The Chennai-based Skycell had entered into a joint venture with Crompton Greaves Ltd (CGL), DSS Enterprises, Bell South International and Millicom International Cellular SA in 1992 to provide cellular services.
However, after some years, joint venture concerning Bell South, Millicom and CGL stood terminated as they transferred their entire stake in Skycell in favour of Bharti Televenture Ltd and only DSS asserting that the agreement continues.
DSS had filed an application as an objector asking the court to set aside its July 29, 2003 order granting approval and sanction to the scheme of arrangement.
It had contended that Bharti Mobinet Ltd, which was a petitioner in the matter, had not come to the court with clean hands and did not disclose all material facts and in fact perpetuated fraud on this court.
Bureau Report