| Hutch-Essar battle likely to head for arbitration |
| BS Reporter / Mumbai September 13, 2006 |
| The dispute between Hutchison Essar and its JV partner Essar on selling stake in BPL Mobile Communications may head for arbitration, with the two companies unlikely to settle their differences before September 15. The companies were to "amicably settle the issue" during the 30-day cooling-off period, failing which the arbitration tribunal would step in. "Both the parties are maintaining a status quo and there are no talks between them. With just one more day left, it seems unlikely that the two would reach a settlement and the imbroglio seems headed for arbitration," a source close to the development told Business Standard here today. The Bombay High Court on August 11 had ruled that an arbitration tribunal had to be set up within the next 30 days, and it should "consider and verify" whether Essar should be restrained from selling BPL |
