CLB rejects Nambiar plea to stop BPL Tele sale

BPL group patriarch T P G Nambiar received a set-back in his legal battle with son-in-law Rajeev Chandrasekhar with the Company Law Board (CLB) today rejecting his plea for restraining the sale of shares in BPL's three telecom ventures controlled by Chandrasekhar.

In its order on an interlocutory petition, the additional principal bench, Chennai, however, asked the three BPL telecom companies - BPL Communications, BPL Mobile Communication and BPL Cellular - to file a status report to the bench "in the event of any change in the shareholding of these firms within seven days of every such change."

CLB also asked the three companies to produce all statutory and other records since 1999 for authentication. Chennai-based lawyer R Venkatavaradhan has been made advocate-commissioner to authenticate the records.

K K Balu, member of CLB, in his 40-page order, said that
any transfer of shares in BPL Communications, BPL Mobile
Communication and BPL Cellular "shall be subject to the final order" and would "remain in force without any modification."

Nambiar had petitioned the CLB seeking to modify the March 17 order, saying "the order does not in anyway restrain shareholders of BPL Communications, BPL Mobile Communication and BPL Cellular from selling their shares."

BPL Mobile Communication is the cellular operator for Mumbai while BPL Cellular is the cellular operator for Tamil Nadu, Kerala and Maharashtra (excluding Mumbai).