Distacom Communications has reportedly accused Spice Communications and Siemens Aktiengesellschaft of attempting to withdraw $13 million from Spice’s bank accounts without the company board’s approval. In a petition filed in the Delhi High Court, Distacom has sought that the Modi Group and Siemens Aktiengesellschaft be restrained from releasing assets belonging to Spice in a manner that is contrary to Distacom’s rights and interests. The Mauritius-based Distacom has also alleged that the Modi Group was acting against the interest of the company.
Distacom has a 49 per cent stake in Spice, with the remaining shares held by the BK Modi-promoted MCorp Global.
