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Court blocks Idea Cellular licence move
05 July 2011
Indian mobile carrier must seek government permission to sell six licences after acquiring rival Spice
Indian mobile carrier Idea Cellular has been asked by the Delhi High Court in India to gain prior consent from the telecom ministry for the migration of six telecom licenses after acquiring rival Spices.
In addition, the court has also asked company to pay 10 million rupees ($225,073) for withholding information on its deal with the rival.
However, Idea denied its involvement and said it would appeal against the order.
Idea agreed to acquire its rival in a three-way deal in 2008, which gave Malaysias Axiata ownership of a fifth of Idea.
As Spice and Idea held separate licences for same operating zones, Idea confirmed that it had unconditionally offered to surrender overlapping licences to abide by the regulations. GTB