Idea Cellular will seek a vacation of the stay order on its merger with Spice Communications this week.
The court has issued the order last Friday without giving a hearing to Idea. The company said the merger had received an approval from the Delhi High Court last January and the same court cannot reverse the approval after the merger process is completed. A company official said that this move by the court will damage the interest of investors and the shareholders as well.
Idea had acquired 41 per cent stake in Spice in June 2008, and both the companies have overlapping licences in six circles.