Idea Cellular, Telekom Malaysia deal not yet approved

With reference to the news item appearing in a leading web portal titled "Telekom Malaysia to pick up additional 15% stake in Idea Cellular", Idea Cellular Ltd has clarified to BSE that the Company keeps pursing growth opportunities and the Company can not comment on the reports referred in the said letter except to say that as and when any definitive proposal of any nature is considered and approved by the Company's Board, the Company shall inform the exchange.

Idea Cellular Q3FY08 Results

Idea Cellular Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:

The Company has posted a net profit after tax of Rs 2371.90 million for the quarter ended December 31, 2007 as compared to Rs 1136.90 million for the quarter ended December 31, 2006. Total Revenue has increased from Rs 11528.00 million for the quarter ended December 31, 2006 to Rs 17103.10 million for the quarter ended December 31, 2007.

The Consolidated results are as follows:

The Group has posted a net profit after tax of Rs 2367.70 million for the quarter ended December 31, 2007 as compared to Rs 1137.70 million for the quarter ended December 31, 2006. Total Revenue has increased from Rs 11528.00 million for the quarter ended December 31, 2006 to Rs 17103.10 million for the quarter ended December 31, 2007.

The figures for the consolidated quarter ended December 31, 2006 are Audited.

Idea Cellular- Outcome of AGM

Idea Cellular Ltd has informed that the members at the 12th Annual General Meeting (AGM) of the Company held on December 12, 2007, inter alia, have accorded to the following:

1. Adoption of the profit and Loss Account for the year ended March 31, 2007 and the Balance Sheet of the Company as at March 31, 2007, the Directors' Report and the Auditors' Report thereon.

2. Re-appointment of Mr. Saurabh Misra, Ms. Tarjani Vakil & Mr. Mohan Gyani as Directors of the Company.

3. Re-appointment of M/s. Deloitte Haskins and Sells, Chartered Accountants, the surviving retiring Auditors, as the Statutory Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.

4. Appointment of Mr. Biswajit A Subramanian & Mr. G P Gupta as Directors of the Company, liable to determination by retirement by rotation.

5. Authority to Board to borrow any sums or sums of money from time to time at their discretion, for the purpose of the business of the Company from any one or more Bank(s), Financial Institutions and other persons, firms, bodies corporate, notwithstanding that the monies to be borrowed together with monies already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) may, at any time, exceed upto a sum of Rs 12,000 crore (Rupees Twelve Thousand crore) over and above the aggregate of the then paid up capital of the Company and its free reserves (that is to say, reserves not set apart for any specific purpose ) and that the Board of Directors be and is hereby empowered and authorised to arrange or fix the terms and conditions of all such monies to be borrowed from time to time as to interest, repayment, security or otherwise as they may, in their absolute discretion, think fit, subject to necessary provisions and approvals.

6. Authority to Board to the mortgages and / or charge and / or assignment, in addition to the mortgages and / or charges and / or assignment created / to be created by the Company, in such form and manner and with such ranking as the priority and at such time and on such terms as the Board may determine, on all or any of the movable and / or immovable, tangible and / or intangible properties and / or contracts both present and future and / or the whole to any part of the undertaking (s) of the Company together with the power to take over the management of the Business and concern of the Company in certain events of default , in favor of the lender(s),agent (as), trustee(s) for securing the borrowings avails / to be availed by the Company and / or any of the Company's subsidiary by way of loan(s) (in foreign currency and / or rupee currency) and / or advances including credit facilities, and / or securities (Comprising fully / partly convertible debentures and / or non-convertible debentures with or without detachable or non-detachable warrants and / or secured premia notes and / or floating rate notes / bonds or other debt instruments), issued / to be issued by the Company from time to time, subject to the limits approved / as may be approved by the members under the Companies Act, 1956, together with interest at the respective agreed rates, additional interest, compound interest in case of default, accumulated interest, liquidated damages, commitment charges, premia on prepayment, premium (if any) on redemption, remuneration of agent(s) / trustee, all other costs, charges and expenses, including any increase basis result of devaluation / revaluation / fluctuation in the rates of exchange and all other monies payable by the Company in terms of loan agreement(s), heads of agreement devolution / fluctuation in exchange rate of foreign currency involved ) by the debenture trust deed(s) or any other document, entered into / to be entered into between by the Company and the Lender(s) / Agent(s) / Trustee, in respect of the said loans / borrowings / debentures securities and containing such specific terms and condition and covenants in respect of enforcement of security as may be stipulated in that behalf and agreed to between the Board of Directors (including any committee thereof) and the Lender(s) / Agent (s) / Trustee(s), subject to necessary provision and approvals.

7. Authority to the Board for the increase in remuneration of Mr. Sanjeev Aga - "Managing Director" of the Company for a period of 3 (three) years with effect from July 01, 2007, on terms and conditions.

8. Alternation of the Clause V of the Memorandum of Association of the Company by replacing the following Clause V:

"V: The authorised share capital of the Company is Rs 57,750,000,000 (Rupees Fifty Seven Billion & Seven Hundred Fifty Million only) divided into 4,275,000,000 (Four Billion & Two Hundred Seventy Five Million only) equity shares of Rs 10/- (Rupees Ten) each and 1,500 (One Thousand Five Hundred) redeemable cumulative non-convertible preference shares of Rs 10,000,000 (Rupees Ten Million only) each, with the rights, privileges and conditions attached thereto as per the relevant provisions contained in that behalf in the Articles of Association of the Company and with the power to increase or reduce the capital of the Company and to divide the shares in the capital for the time being into several classed ( being those specified in the Companies Act, 1956) and to attach thereto respectively such preferential qualified or special rights, privileges or conditions in such manner as may be permitted by the said Act or provided by the Articles of Association of the Company for the time being in force."

9. Alternation of the existing Article 3 (a) of the Articles of Association of the Company by replacing the following Article 3(a):

"a. The authorised share capital of the Company is Rs 57,750,000,000 (Rupees Fifty Seven Billion & Seven Hundred Fifty Million only) divided into 4,275,000,000 (Four Billion & Two Hundred Seventy Five Million only) equity shares of Rs 1,500 (One Thousand Five Hundred only) redeemable cumulative non-convertible preference shares of Rs 10,000,000 (Rupees Ten Million) each, with power from time to time subject to the provisions of the Memorandum of Association to modify, increase or reduce the capital of the Company and to divide the shares in the capital for the tine being into several classes and to attach thereto respectively such preferential. guaranteed, qualified or special rights or conditions as may be determined by or in accordance with these Articles and vary, modify, amalgamate or abrogate any such rights, privileges or conditions in such manner as may for the time being be provided by these Articles."

10. Alternation of the existing Article 156 (a) of the Articles of Association of the Company by replacing the following Article 156(a):

"156 (a): At least Seven (7) calendar days’ notice of every meeting of the Board shall be given in writing to every director. Such notice shall be accompanied by the agenda setting out the business proposed to be transacted at the meeting of the Board, provided, however, that with the consent of all Directors of the Company, a meeting of the Board may be convened by a shorter notice in the case of a emergency or if special circumstances so warrant. Notice of Board Meetings to all Directors shall be. given in writing by facsimile transmission and by e-mail and confirmation copy by courier and a copy of such notice shall also be served at the address within India specified by such Directors in writing to the Company."

Idea Cellular gets LOI for Unified Access Services

Idea Cellular Ltd has informed that the Department of Telecommunications (DoT) has on January 10, 2008 issued Letters of Intent (LoIs) to the Company for providing Unified Access Services in nine Service Areas viz. Kolkatta, West Bengal, Assam, Karnataka, Orissa, North East, Jammu & Kashmir, Punjab, Tamil Nadu (including Chennai).

The Company intends to roll-out services in all the above Service Areas as soon as spectrum is made available.

Idea Cellular Q2 Results

Idea Cellular Ltd has announced the following Unaudited results for the quarter ended September 30, 2007:

The Company has posted a net profit after tax of Rs 2203.80 million for the quarter ended September 30, 2007 as compared to Rs 1101.20 million for the quarter ended September 30, 2006. Total Revenue has increased from Rs 10128.20 million for the quarter ended September 30, 2006 to Rs 15643.50 million for the quarter ended September 30, 2007.

The Consolidated results are as follows:

The Group has posted a net profit after tax of Rs 2203.30 million for the quarter ended September 30, 2007 as compared to Rs 1101.50 million for the quarter ended September 30, 2006. Total Revenue has increased from Rs 10128.30 million for the quarter ended September 30, 2006 to Rs 15643.50 million for the quarter ended September 30, 2007.

Idea Cellular - Audited Results for FY07

Idea Cellular Ltd has announced the following Audited Results for the year ended March 31, 2007:

The Company has posted a profit after tax of Rs 5020.60 million for the year ended March 31, 2007 where as the same was at Rs 1256.00 million for the year ended March 31, 2006. Total Revenue is Rs 43873.30 million for the year ended March 31, 2007 where as the same was at Rs 20176.40 million for the year ended March 31, 2006.

The Consolidated Results are as follows:

The Group has posted a net profit after tax of Rs 5022.20 million for the year ended March 31, 2007 where as the same was at Rs 2117.70 million for the year ended March 31, 2006. Total Revenue is Rs 43873.30 million for the year ended March 31, 2007 where as the same was at Rs 29869.20 million for the year ended March 31, 2006.

The Company along with its 100% subsidiaries namely, Idea Mobile Communications Ltd, BTA Cellcom Ltd, Idea Telecommunications Ltd (acquired during the current financial year), Sapte Investments Pvt Ltd, Vsapte Investments Pvt Ltd, Bhagalaxmi Investments Pvt Ltd and Asian Telephone Services Ltd had filed applications for amalgamation of these Subsidiaries into the Company with the respective High Courts within whose jurisdiction the Registered Office of these Companies are situated in February 2007.

The scheme of amalgamation is sanctioned by the Honourable High Courts of Delhi, Gujarat, Madhya Pradesh and Bombay, and accordingly the assets, liabilities, reserves and accumulated losses of the above subsidiaries were transferred to and vested in the Company with effect from April 01, 2006. The last of the High Court Orders approving the scheme was received on September 10, 2007 and the last of the certified copies of the High Court Orders sanctioning the scheme was filed with the Registrar of Companies (RoC) on September 14, 2007.

In accordance with the scheme, the amalgamation has been given effect to in the accounts for the period ending March 31, 2007 under Pooling of Interest method as per AS-14 on "Accounting for Amalgamation"

In view of the aforesaid amalgamation with effect from April 01, 2006, the figures for the current year are not comparable to those of the previous year.

Idea Cellular - outcome of board meeting

Idea Cellular Ltd has informed that the Board of Directors of the Company at its meeting held on October 11, 2007, inter alia, has approved the increase in Authorised Equity Share Capital of the Company by Rs 500 crores i.e. 50,00,00,000 equity shares of Rs 10 each to comply with one of the terms of long term financing tied up by the Company with Banks / FIs.

Market Chitter Chatter - Idea Cellular

We are hearing from various market sources about a target of over Rs 150 for IDEA Cellular

Accumulate at lower levels, keep appropriate stop losses

Idea Cellular Limited

Idea Cellular Limited has informed the Exchange vide their letter dated September 10, 2007, that the Board of Directors of the Company at their meeting has decided / granted approval as follows: "1) The Board at its meeting held on 19th October 2006 had approved the parameters for launch of Employee Stock Option Scheme, 2006 ("ESOS 2006") post the Initial Public Offering ("IPO"), subject to necessary approvals. At the meeting held today the Board has resolved to price the grant of ESOPs at 7 days average closing price immediately preceding the date of grant on the stock exchange where the shares of the Company are highest traded to be discounted upto 30% as may be decided by the ESOP Compensation Committee. The above is subject to approval of shareholders through postal ballot and further administration by ESOP Compensation Committee. The other parameters decided at the Board Meeting held on 19th October 2006 remain unchanged. 2) Decided in principal to de-merge passive (Tower) Infrastructure of the Company into a wholly subsidiary under section 391 to 394 of the Companies Act, 1956 subject to all regulatory approvals".

Idea Cellular Limited

Idea Cellular Limited had informed the Exchange regarding the Outcome of the Board Meeting held on September 10, 2007. The Company has further informed the Exchange that the point no. 2 of the earlier letter be read as follows: Decided to de-merge passive (Tower) Infrastructure of the Company into a wholly subsidiary under section 391 to 394 of the Companies Act, 1956 subject to all regulatory approvals.