An Indian court has deferred to April 1 the final hearing of a petition to merge an Essar Group firm, which owns an indirect stake in a mobile joint venture with Vodafone, into another Essar firm, India Securities.
India Securities said on Friday in a notice to the stock exchange that the Madras High Court will hold a final hearing on the petition to merge Essar Telecommunications Holdings, which owns an indirect 11 per cent stake in Vodafone Essar, with the company.
UK-based Vodafone has objected to the merger, saying India Securities' value may be inaccurately used to calculate the value of its Indian telecoms joint venture Vodafone Essar.
India Securities said on Friday in a notice to the stock exchange that the Madras High Court will hold a final hearing on the petition to merge Essar Telecommunications Holdings, which owns an indirect 11 per cent stake in Vodafone Essar, with the company.
UK-based Vodafone has objected to the merger, saying India Securities' value may be inaccurately used to calculate the value of its Indian telecoms joint venture Vodafone Essar.
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