Court ruling paves the way for SSTL ownership change

20 Jan 2015

The Rajasthan High Court has dismissed an appeal by minority shareholders against Sistema Shyam Teleservices (SSTL), calling for a compulsory listing of shares within a set timeframe, an exit from the company at a pre-determined price and an the appointment of a representative of minority shareholders on the board of directors, the Business Standard writes. The decision clears the way for the Russian-backed cellco, which operates under the MTS India brand, to seek approval for a change in its shareholding pattern and renew its application to increase foreign direct investment (FDI) in the operator to 100%.

India, Sistema Shyam TeleServices (SSTL, MTS India)