Business Law news : 'RCom's MTN deal doesn't breach pact'

Business Law : 'RCom's MTN deal doesn't breach pact'
Posted on : 02 July 2008 by Ms. Bobby Anand [ Scorecard : 932]

Leading law firm Amarchand & Mangaldas (AMSS) is learnt to have given a clean chit to Anil Ambani-owned Reliance Communications (RCOM) over the company’s ongoing spar with Mukesh Ambani-owned Reliance Industries (RIL) on its proposed deal with South Africa’s largest telecom company, MTN.

ET has learnt that AMSS, after having examined the non-compete agreement between the two Ambani brothers in 2006, has told the Anil camp that elder brother Mukesh cannot use his first right of refusal to stall a RCOM-MTN deal, in case both telecom companies went ahead with their plans for a proposed reverse merger.

RCOM sources said the telco had sought legal opinion from three leading law firms on this issue including Amarchand & Mangaldas. The legal opinion comes even as international media has reported that MTN was concerned that the proposed merger, where RCOM would become its subsidiary, may be delayed and even go off-track on account of the spat between the Ambani Brothers.

By Ms.Bobby Aanand, Metropolitan Jury

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Source : The Economic Times - http://economictimes.indiatimes.com/RComs_MTN_deal_doesnt_breach_pact/articleshow/3185750.cms

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