Madras HC rejects Vodafone plea against Essar Tele, India Securities merger
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In a set back to British telecom giant Vodafone, the Madras High Court today said that the foreign firm has no locus standi to oppose the amalgamation of Essar Telecommunications Holding with India Securities. The Court had earlier reserved its order on whether UK-based telecom firm Vodafone has locus standi to oppose the merger of two subsidiaries of its Indian joint venture partner Essar.
Vodafone had filed a petition against Essar’s proposal to merge Essar Telecommunications Holdings (ETHPL), which has 11 per cent stake in Vodafone-Essar, with another Essar group’s listed entity, India Securities, in order to find out fair market value of its stake in the joint venture.
Rejecting the plea filed by Vodafone against the proposed merger, Justice Vinod Kumar Sharma said Vodafone International had no locus standi to file objection.
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