Tatas likely to disclose idea stake

The Tata group is likely to file its reply on details of its shareholding pattern in Idea Cellular on Tuesday.

This is because the department of telecommunications has asked the group to reveal the shareholding in Tata Industries, which has a stake in Idea, and other telecom entities "" Tata Teleservises and Tata Teleservices Maharashtra.

The move follows allegation by the Birlas that the Tatas had not complied with the licence conditions and hence be asked to exit from Idea, where they hold over 48 per cent equity, expeditiously.

Earlier, the AV Birla group had urged the government to act fast on its plea, saying non-compliance by the Tatas was "grave, wide ranging and comprehensive."

Continuing their tirade against the Tatas, Aditya Birla Nuvo Ltd (ABNL) has shot off yet another letter to the department of telecommunications (DoT), saying "It is nearing a month since we drew your attention (to this matter) as we believed we were obliged to.

"The consequences to the business of Idea, and to the telecom policy objective that "competition is not compromised" are serious and pressing. The DoT may please make its determination at the earliest," the letter read.

To counter the position taken by the Tatas in their letter to the department on February 27, the Birlas accused their partners of creating a "smoke screen" to conceal the reality, and said "none of the Tata group companies is permitted to have any stake in Idea".

The letter is supported by a number of documents to prove that the Tatas are a promoter of Idea.

Comments from the Tata camp was unavailable, even as the Birlas said, "Even if Tata Sons (Tatas' holding company) alone is named the promoter of the Tata Teleservices licence, it cannot itself have any (direct or indirect) stake in Idea.

Tata sons has a stake in Idea through Tata Industries, which is clearly impermissible."