The board “approved the execution of a services agreement between BSNL and MTNL for a period of 10 years or unless revoked earlier by six months’ notice or extended by mutual consent between the parties, subject to approval of such service agreement by the Department of Telecommunications/Ministry of Corporate Affairs,” it said.
It also approved a proposal relating to the sale of MTNL shares in Mahanagar Telephone (Mauritius) Ltd or MTML, a wholly-owned overseas subsidiary, in accordance with applicable Department of Investment and Public Asset Management (DIPAM) guidelines and other regulatory processes.
The board also approved a proposal to close Millennium Telecom Limited (MTL), a wholly owned subsidiary of MTNL. This will be done in accordance with applicable DIPAM guidelines and other stipulated processes.
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