Supreme Court temporarily bars Aircel from selling airwaves

Supreme Court temporarily bars Aircel from selling airwaves
Television journalists set their cameras inside the premises of the Supreme Court in New Delhi. Image Source: Reuters

The Supreme Court (SC) on Friday halted mobile phone carrier Aircel from selling its airwaves over an ongoing case of alleged corruption, potentially delaying a proposed deal with rival Reliance Communications (RCom).

The court asked top executives of Aircel`s parent Malaysia`s Maxis including its boss T Ananda Krishnan to appear before another court hearing the corruption case.

ALSO READ: Can RCom and Aircel disrupt India's telecom market?

In 2006, Aircel was acquired by Malaysia’s biggest integrated communications service provider Maxis (Maxis Communication Berhard) and is a joint venture with Sindya Securities and Investments where Maxis holds 74% equity in the company, according to company website.

ALSO READ: RCom, Aircel will merge to create India's fourth largest telecom company

 

 

 

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Written By: Reuters
Updated: Fri, Jan 06, 2017
01:41 PM IST
New Delhi , Reuters
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