The Delhi High Court has reserved its verdict on the merger of Idea Cellular and Spice Communications. This tie-up is being examined for alleged suppression of facts and the Court has said that if the allegations are found to be true, the operators? top executives may face criminal action.
However, it added that it may not recall the merger. Prior to this, the Department of Telecommunications (DoT) had challenged the 2008 merger, on grounds of the two companies of suppressing facts about the demerging of overlapping licences in the same circles.
The judge also said that if the merger order is recalled, Spice will exist again, a move that will adversely affect stakeholders.
