The BK Modi Group attempt to put on hold the Essar Group attempt to buy out the foreign partners’ holding in Spice Telecom

The BK Modi Group has succeeded in putting on hold an attempt by the Essar Group to buy out the foreign partners’ holding in Spice Telecom, a cellular service provider in Punjab and Karnataka. The Delhi High Court has granted a stay on foreign partners selling their holdings in the BK Modi Group-controlled telecom venture to Essar. The Essar Group had made an offer to all the foreign partners of Spice ?? Distacom, AIG, and Darby ?? for acquiring their shareholding in the company. The BK Modi Group had termed the Essar move as a hostile bid. The foreign shareholders control over 75 per cent equity in Spice. The BK Modi Group holds about 23 per cent equity ?? 13 per cent directly and 10 per cent through MCorp Global.