Court dismisses Bharti appeal
TELECOMS| May 8, 2012, 5:29 p.m.
The Federal High Court of Nigeria has dismissed Bharti Airtel’s application for a stay preventing a decision in favour of Econet Wireless.
Bharti sought the stay to prevent Econet Wireless from enforcing its rights pending Bharti’s appeal of a ruling handed down in January 2012. In the earlier judgment, the court ruled that Econet Wireless is entitled to a 5% shareholding in Econet Wireless Nigeria Limited (“EWNL”) and its share certificates must be re-issued.
The court said as a shareholder, Econet Wireless had a right to participate in all decisions which required shareholder approval. Consequently, all resolutions passed since October 2003 by shareholder agreement in which Econet was not invited to participate, are null and void and must be reversed.
The change to the name of the Company to Bharti Airtel Nigeria was also found to be irregular, null and void and must be reversed to rename the Company EWNL.
Econet Wireless says it will seek to implement the ruling without delay and to continue its work to ensure its rights under the law are upheld.
Meanwhile in Nigeria, the High Court in Lagos has set the date of 4 June to hear another injunction application by Bharti Airtel which has been filed and seeks to prevent an international arbitral process from assessing the amount of equitable compensation and damages due to Econet Wireless.
MORE TELECOMS NEWS
MTN Ghana witnesses massive subscription through iFestMTN Ghana says it recorded close to 25,000 new data subscriptions through iFest last year, indicating that iFest has been very well received in Ghana. Read More
BotswanaPost and ZimPost in money transfer dealBotswanaPost and its counterpart in Zimbabwe, ZimPost, have announced the introduction of the first inter-postal money transfer corridor. Read More
MTN, Huawei trial 2.4T WDM systemMTN, Africa's largest telecommunications operator and Huawei today announced the successful live trial of a Transport Software-Defined Networking (SDN) and 2.4Tbit/s wavelength-division multiplexing (WDM) system. Read More
Tigo supports 19th Ghana journalist awardsMobile Network Operator Tigo Ghana has presented 10 tablets valued at GHC20,000 to the Ghana Journalists Association (GJA) towards the annual Journalist Awards scheduled to take place at the Banquet Hall, State House, Accra. Read More
Africell DRC to launch 3G services end-2014Africell DRC is set to launch its 3G services at the end of the year, a source close to the company told Biztechafrica this week. Read More
The impact of Movitel on ICT in MozambiqueMovitel is reported to be contributing to changing the information communication landscape in Mozambique. Read More
SSA telecoms growing faster than any other regionThe African telecoms market is set to be one of the main growth success stories for the telecoms sector in the next 5 years, according to a new report. Read More
Tigo introduces unified short code for products and servicesTigo Ghana has announced the installation of a world-class IVR (Interactive Voice Response) that will give both its pre-paid and post-paid customers the opportunity to access all its product through a unified short code, 555. Read More
TNM to conduct biggest promotion pay-outTNM will on August 26 splash out over K100 million in its Ufulu@50 Promotion, the biggest payout in a single day in the history of promotions in Malawi. Read More
FEATURED STORYSafaricom-Equity battle for mobile banking hots up
Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.