Supplements
                Unsigned Heaven     Travel World     The Cheers News     Forum    



RComm-MTN tie-up under threat after RIL starts arbitration proceedings

thecheers.org    2008-07-18 06:07:51    

London, July 18 : Reliance Communications proposed tie-up with South Africa's telecom giant MTN could be derailed after corporate war between Ambani brothers intensified and arbitration proceedings were started against Anil Ambani's group.
Reliance Communications proposed tie-up with South Africa's telecom giant MTN could be derailed after corporate war between Ambani brothers intensified and arbitration proceedings were started against Anil Ambani's group.

Mukesh Ambani controlled Reliance Industries has said that it had started proceedings after the mobile carrier, led by his brother Anil, failed to participate in meetings to resolve a dispute concerning ownership of shares.

The brothers have barely spoken since 2002 when the death of their father led to a break-up of the family conglomerate, The Financial Times reported.

The latest development will fuel doubts that Reliance Communications and MTN will create an emerging markets mobile telecom groups.

A 45-day exclusivity period between them expired earlier this month and an extension is due to end on Monday.

The talks have been overshadowed by the dispute and whether MTN would risk striking a deal which could then be beholden to India's judicial system.

"Reliance Communications has refused to participate in the conciliation meetings under the alternate dispute resolution provisions contained in the non-competition agreement," Reliance Industries said.

Reliance Industries has unilaterally appointed a former judge of India's Supreme Court to arbitrate. It said this was the next step after Reliance Communications failed to show up at a conciliation meeting this month.

The judge will write to Reliance Communications requesting clarification about its absence at the meeting and aim to schedule arbitration between the groups.

The timing for such a meeting remains unclear. A Reliance Communications spokesman said: "Arbitration cannot be done unilaterally."

Reliance Industries would probably have to seek a court injunction to thwart a tie-up should Reliance Communications and MTN press ahead.

Anil Ambani wants to swap most of his 66 per cent in Reliance Communications for a 50-51 per cent stake in the South African company with the help of money from third parties. (ANI)
© 2007 ANI

Click for more News about Health

TAGS: Health   

The Cheers NEWS is looking for new local reporters


more
Join The "Imagine. Create. Inspire." Conference

Get the unique insight from public relations and communications professionals from around the world. PRSA 2011 International Conference will be taking place October 15 in Orlando, USA.

Alcoholism – growing trend or lame fiction?

Alcoholism is one the addictions that is causing the most problems in today’s world. Car crashes, disturbed families, unnecessary and unpredictable violence – in very many cases too much alcohol is to blame here. Alcoholism Treatment is talked about a lot, yet most of the people going into various different treatment programs go there not because of their own will, but because they are sent there with a court order.

New Report highlights inadequacies in NHS hygiene standards
22.Jul 2008
Hospitals and Primary Care Trusts (PCT) in England have been revealed to be fai...read

Our bodies use ancient defence mechanism to fight retrovirus
22.Jul 2008
A new study has found evidence that our ancestors ...read

Yet another way HIV fools the immune system uncovered
22.Jul 2008
Scientists at the Partners AIDS Research Center at...read



Arthritis wonder drugs may hold key for many more diseases

Too much sleep ups ischemic risk in postmenopausal women

RComm-MTN tie-up under threat after RIL starts arbitration proceedings

Fall prevention programs cut elderly falls by 11 pct

CT scans offer cheaper diagnosis of low-risk chest pain





The Cheers magazine: About us | Contact us | The Cheers Story | Advertising
Work with The Cheers: Writers guide | Write for us | Writer application | Reporter application 
The Cheers:Terms and conditions | Privacy policy | Sponsoring | Sitemap
Sister sites: Tech Blog |  Best Auto Zine | Travel destinations by weather | Okai - critical commentary | Stock trading game | Wifi hotspots and wireless laptops | The Daily Bonk | Best Poker Zine | Business thoughts | Political commentary | Most expensive things | World News in ShortTop 10 listsPolitically incorrect blog
Listen: Online radio station
Travel World: World travel locations
Travel: Travel blogs | Travel destinations | Hotel reviews | Beer around the world
Watch: Watch series online
Trade: The Stock game | Trading competitions | Trading education
Entertainment Blogs
Entertainment blog
Copyright © 2004-2012 The Cheers magazine / RComm-MTN tie-up under threat after RIL starts arbitration proceedings





web stats