Vodafone’s acquisition of Hutch has been challenged in the courts by a local watchdog group. Their contention is that the new telecom entity would be having more than 89 per cent foreign shareholding against the 74 per cent cap on foreign direct investment in telecom sector.
There seems to be a block at every step in this deal. You got to wonder whether the Vodafone execs are already regretting this whole thing!!. Financially it was such a burden for Vodafone and and on top of it, all these legal hassles. I am sure it has crossed their minds as to whether all this was worth it? You also got to feel sorry for the Hutch employees as well. I have a couple of connections who work for Hutch and they were talking about a whole lot of uncertainty and insecurity among the employees and they were concerned that it might lead to poor service and hence loss of customers.
It would be best for all parties if there is a logical conclusion asap. We can only hope for that.
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