Saturday, August 19, 2006

A...Hutchooooo! Essar stays away...

The wedding season seems long over with the bells ringing for none – and this strictly includes Hutchison Telecom International Ltd. (the Hong-Kong based parent of Hutchison) and Essar Group, both of whom have finalised their divorce agreement. The Essar Group has terminated the BPL Mobile Mumbai circle share purchase agreement and the subsequent merger of BPL Mobile with Hutchison Essar. Hurt by the behaviour shown by its partner Essar, Hutch has knocked the doors of the Bombay High Court seeking for justice. According to Hutchison, the BPL Mumbai vendors are certainly under a legal obligation to complete the share purchase contract and can in no way mull over terminating the contract, legally speaking.

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