BPL banned from selling assets

15 Feb 2005

India’s Company Law Board has restricted wireless holding company BPL Communications and its subsidiaries from selling any assets or licences until mid-April at the earliest. The ruling comes as a result of a petition filed by group patriarch TPG Nambiar, the outcome of which will not be known until after a hearing scheduled for April. The petition alleges that the group’s CEO Rajeev Chandrasekhar has been mismanaging the cellular business and is trying to gain majority control through ‘questionable means’. At the last hearing on Thursday, lawyers for Chandrasekhar argued that BPL’s two main ventures, BPL Mobile Communications and BPL Mobile Cellular, were planning a restructuring and that Nambiar’s petition was merely a tactic to block the plans.

India, Loop Mobile