DoT seeks Tatas shareholding record in Idea
The Telecom Department has sought shareholding pattern of the Tatas in the erstwhile BATATA (now Idea), between 2004 and 2006, from the Corporate Affairs Ministry to see if there was any violation of licence norms with regard to cross holding of equity.Updated: Jan 22, 2012 11:43 IST
The Telecom Department has sought shareholding pattern of the Tatas in the erstwhile BATATA (now Idea), between 2004 and 2006, from the Corporate Affairs Ministry to see if there was any violation of licence norms with regard to cross holding of equity.
The DoT has asked MCA to carry out a detailed inspection of records to ascertain if the Tata Group held more than 10 per cent in a Tata Teleservices Maharashtra and Idea Cellular, sources told PTI.
"We have asked the Registrar of Companies (Mumbai) to check both online as well as physical records available. Online data available with us only from 2006 onwards," an official in the MCA said.
In 2006, the Tata group had exited the mobile phone company selling its 48 per cent stake to the Aditya Birla Group.
Following the exit, the Aditya Birla Group had alleged before the DoT that Tata Teleservices was violating 2G spectrum licence norms as it had more than 10 per cent in both Idea and Tata Teleservices -- both companies having applied for the spectrum for services in the same area.
Later, a DoT committee, scanning the mobile licencing since 2001, had found Idea Cellular falling short of the eligibility criteria prescribed for granting of 2G spectrum licence to companies.
MCA's view would be important as the Ministry keeps records of company shareholdings, annual reports, etc.
Last year, the Telecom Ministry had consulted the Law Ministry on the issue of interpreting the shareholding of the Tatas in Idea Cellular. However, the Law Ministry said that opinion could be given only the basis of available records.
First Published: Jan 22, 2012 11:38 IST