C. Sivasankaran, the original promoter of Aircel, welcomed the Supreme Court’s stay in the Aircel-Maxis case and said Standard Chartered Bank (SCB) – which was the merchant banker to the deal – must compensate the Indian banks that had lent to Aircel.
Mr. Sivasankaran’s suggestion came in the wake of the Supreme Court restraining Malaysia’s Maxis Group from transferring 2G licences obtained by Aircel.
“I am glad that Supreme Court ruled against the sale of Aircel,’’ said Mr. Sivasankaran, adding that he had been coerced into selling Aircel to the Maxis Group.
He estimated public sector banks had an exposure of almost Rs. 15,000 crore to Aircel.
“I believe in the Indian judiciary, and respect its observations,’’ he said.
The Department of Telecommunications should find a buyer who could take over Aircel’s users, Mr. Sivasankaran suggested.
“The consideration should be used to settle bank dues of Aircel and Siva Group,’’ he said.
