India’s Central Bureau of Investigation (CBI) is reportedly looking to question Standard Chartered Bank in relation with the deal between Malaysia-based cellco Maxis Communications and Indian mobile operator Aircel.
Reports explain that Standard…
India’s Central Bureau of Investigation (CBI) is reportedly looking to question Standard Chartered Bank in relation with the deal between Malaysia-based cellco Maxis Communications and Indian mobile operator Aircel.
Reports explain that Standard Chartered acted as adviser during the transaction in 2006. Maxis owns 65% of Aircel, with the remainder held by Deccan Digital, a JV between Maxis and an Indian-owned company, Sindhya Securities and Investment.
This comes a few days after it was reported that the Indian authorities were investigating whether Dayanidhi Maran, the former telecoms minister who recently resigned from his post as textiles minister, forced Aircel chief C Sivasankaran to sell the company to Maxis at a very cheap price.
Reports wrote that Maxis is considered close to Maran. It has been speculated that Maran forced the Aircel sale in return for the Malaysian company investing in Sun TV, owned by Kalanithi Maran, the brother of Dayanidhi Maran.
Meanwhile, a detailed investigation by the Economic Times stated that Maxis is a “large, and not marginal” player in the JV that holds a minority stake in Aircel, despite the fact that Indian foreign ownership rules stipulate that Indian companies must own at least 26% of the equity of any mobile operator.
