In a bid to counter Siva Group Chairman C Sivasankaran’s allegation that he was coerced to exit from Aircel, Maxis Communications Berhad will submit fresh document to prove its stand that the deal was done with the full consent of the Aircel Board of Directors.
The company will present the Central Bureau of Investigation (CBI) with the minutes of the Board meeting on December 19, 2005, when a resolution was passed approving the transfer of the company’s entire shareholding to Maxis Communications. The document, seen by BusinessLine , states that the Chairman informed the Aircel board that the offer made by Maxis was “quite attractive”.
After a detailed discussion, a resolution was passed authorising A Subramanian or V Srinivasan, both Directors on Aircel’s Board, to carry out negotiations with Maxis to sell the entire shareholding in Aircel Ltd.
“Resolved that the approval of the board be and is hereby accorded for infusion of fresh funds to the tune of $280 million in Aircel Ltd by Maxis Communications Berhad and their affiliates,” state the minutes of the meeting held in December 2005.
V Srinivasan, Group CEO of Siva Ventures Ltd, declined to comment saying that the matter was sub judice .
On December 30, 2005, a deal was announced under which a joint venture controlled by Maxis paid $1.08 billion to purchase the 100 per cent stake in Aircel. Of this, $280 million in cash was injected into the company.
Allegation against MaranHowever, it was later alleged that then Telecom Minister Dayanidhi Maran coerced Sivasankaran to sell the entire stake in Aircel, in 2006, to Maxis Group, which is owned by Kuala Lumpur-based business tycoon T Ananda Krishnan.
The CBI felt there was insufficient evidence to prosecute Maran.
However, Attorney General Mukul Rohatgi has given a legal opinion to the investigating agency saying there is enough evidence to prosecute the former Telecom Minister.