( 1 ) THE plaintiff, Bharti Televentures Ltd. (BHARTI) has filed this suit for permanently injuncting Bell, South International Asia/pacific Inc. USA (BELL) from selling or entering into any arrangement/agreement for the sale of its shareholding in Skycell Communications Limited (SKYCELL), to any third party SKYCELL is the joint venture constituted by Crompton Greaves Ltd. (CROMFTON), which holds 40. 5 per cent of its enquiry; BELL, which holds 24. 5 per cent of its equity; Millicom International Cellular SA (MILLICOM) (which holds 24. 5 per cent of its equity); and DSS Enterprises (DSS) (which holds 10. 5 per cent of its enquiry.

( 2 ) IT is not in controversy that the joint venture SKYCELL has been sustaining substantial losses. The plaintiff thereupon entered the fray by negotiation for the purchase of the shareholding, inter alia, of BELL for a sum of US $ 115 million. The contract between the original four constituents of SKYCELL included a covenant that none of them would agree to transfer their shareholding to a third party without their unanimous consent. BHARTI s contention is that a binding contract had come into effect between BELL and itself, pursuant to a