The spectrum sale deal between internet service provider Tikona and Bharti Airtel could hit a roadblock as the broadband wireless firm’s co-founder and minority shareholder, Rajesh Tiwari, has served a legal notice on the Sunil Mittal-led telco, asking it not to finalise the deal.
Tikona had sought shareholder approval for selling its spectrum to Bharti Airtel, but a minority shareholder, with a 2.5 per cent stake in the Tikona Trust, may come in the way.
According to a source, the grouse of the Tikona minority shareholder pertains to the waterfall arrangement or the money that would be received by shareholders at the time of the deal. Another allegation is that Tikona has not clearly spelt out the percentage share of each and every shareholder after the deal.
Bharti Airtel declined to comment and a query sent to Tikona remained unanswered. Shareholders of Tikona include Goldman Sachs, Rathi Rathi & Co, and Oak Investment Partners.