| BPL Row: Essar-Hutch asked to go for arbitration |
| Our Corporate Bureau / Mumbai August 10, 2006 |
| The Bombay High Court today directed Hutchison Essar and its joint venture partner Essar to set up an arbitration tribunal for settling the dispute on selling stake in BPL Mobile Communications (BMCL). The court said the tribunal should be set up within the next 30 days, and it should "consider and verify" whether Essar should be restrained from selling BPL's Mumbai circle to a third party. The tribunal has a deadline of four weeks to pronounce the verdict that starts from the day it is being set up. Pronouncing the verdict, Justice Nishita Matre said the tribunal should have three members - one member each of Hutchison Essar and Essar, while the third member could be decided by both the companies. The tribunal should also "consider and verify whether the injunction order of restraining Essar from selling BPL Mumbai circle to third party is valid." The court also gave the option of an out-of-the-court settlement, if the parties - Hutchison and Essar |
