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BPL Mobile Communications calls off the proposed sale of HEL

August 15, 2006
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The Essar Group-owned BPL Mobile Communications Limited (BMCL) has called off its proposed sale to HEL. HEL has filed a petition against BMCL stating that it has already paid Rs 16.17 billion for 97.5 per cent stake in BMCL and was ready to pay the remaining Rs 330 million for the balance 2.5 per cent. The petition also seeks to restrain Essar from selling stake in BMCL. (On termination of the proposed merger, Essar has the right to sell BMCL either in entirety or partly to a third party.) BMCL has offered to return HEL's money within five business days. The Bombay High Court has reserved its order on the petition. The case will be heard in mid-August.

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