Aditya Birla group company Idea Cellular today asserted that it has not suppressed any information before the Delhi High Court where it had moved a merger application of Idea and Spice.
"Idea stands upright, has not suppressed anything at all, let alone willfully, and will appeal for what it believes is right," the company said reacting to the Delhi High Court order which slapped Rs 1 crore penalty on Idea for not giving the correct information to the court.
The court had also said the six licences of Spice Communications would not be transferred to Idea as the company did not comply with the licence and merger guidelines. Idea had acquired Spice in 2008.
In a late night statement, Idea further said, "While imposing costs on the company of Rs 1 crore for suppression, the option to challenge the order is allowed."
"The company had approached the DoT ( Department of Telecom )) regarding the merger of overlapping licenses, or their surrender, both process incidentally yielding the same outcome, i.e. the spectrum returns to the government and no benefit to Idea. This was because the overlapping licences were non-operational and had no attached subscriber. Idea followed process as advised by the DoT," it said.
"The merger sanctioned on February 5 stands reaffirmed. Certain clauses relating to an earlier contemplated demerger have been deleted, and overlapping Spice licences to revert to the DoT," it added. |