CLB asks BPL for telecom stakes data

In a temporary victory for BPL group patriarch T P G Nambiar, the Company Law Board, Chennai, today asked BPL's telecom division to furnish shareholding pattern in BPL Communication, BPL Mobile Communication and BPL Mobile Cellular, run by his son-in-law Rajeev Chandrasekhar.

The CLB member K K Balu, in its order, asked the counsels for Chandrasekhar to furnish the shareholding pattern before the court by April 5, 2005.

The next hearing of the case, where Nambiar is fighting for his claim on the assets of the telecom businesses, run by son-in-law Chandrasekhar, has been posted for April 5.

The CLB issued the order on shareholding pattern after Nambiar's counsels voiced doubts that the shares in the three companies were being sold off.

"There are reports that shares in these companies are being sold off to the Essar group," a counsel for Nambiar told the court.

In its earlier order in February, the CLB in Chennai, had asked BPL to maintain "status quo" on the sale of assets and licences by BPL's telecom ventures, controlled by Chandrasekhar, CEO of BPL Communications. BPL Communication is the holding company for BPL Mobile Communication and BPL Mobile Cellular.

BPL Mobile Communications holds the cellular licence for Mumbai telecom circle while BPL Mobile Cellular has the licences for Tamil Nadu, Kerala and Maharashtra (excluding Mumbai) telecom circle.

The CLB posted the next hearing on April 5, denying a plea by Chandrasekhar's counsels to post the next hearing on April 9.