In one of the biggest corporate disputes between shareholders, Datacom Solutions Pvt Ltd, majority owned by Venugopal Dhoot’s Videocon Group, has filed a caveat against the company’s original promoter Jumbo Techno Services Pvt Ltd, owned by Mahendra Nahata. Datacom had in January paid Rs 1,650 crore for a nationwide licence for mobile telephony, and hopes to roll out services on August 15.

Jumbo, a minority partner with 36 per cent stake in Datacom, has raised several issues relating to corporate governance and shareholders agreement with Videocon, the majority partner with 64 per cent holding. Dhoot had picked up the stake last December. The dispute may take a toll on the company’s objective to corner 10 per cent of the market.

Datacom recently floated tenders for $ 5-7 billion worth equipment. It has been trying to find foreign partners ever since it got the universal access service licence to support its rollout plan. Videocon has appointed Morgan Stanley to scout for partners. Dhoot recently claimed West Asian telecom majors, including Etisalat and Qatar Telecom, had evinced interest.

When contacted, Ravi Sharma, CEO, Datacom, declined to comment on the dispute. He neither accepted nor refused that the company has gone to the court with a caveat against Jumbo. The caveat, according to information available with The Indian Express, was filed on June 16 and reads, “Let no order be passed in any petition/ application against the defendant/caveator without notice to the undersigned.”

Manjit Singh, a director in Jumbo Techno Services, when contacted, said, “We are the original promoters of Datacom. Videocon approached us to become an investor. Now that we have given them 64 per cent in the company, they are trying to renege on the commitment made in the investment agreement. They are trying to run the company as a sole proprietorship firm with no regard to corporate governance and minority rights.”

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