Datacom partners Mahendra Nahata of Himachal Futuristic Communications (HFCL) and the Dhoots of Videocon Group are working on a solution to end their corporate battle, media reports said.
However, Himachal Futuristic Communications (HFCL) has clarified that it has not entered into any agreement with Videocon Industries (Videocon) regarding Datacom Solutions so far.
''Since there is no agreement/dispute between HFCL and Videocon regarding Datacom, the question of settlement of dispute does not arise at all,'' HFCL said in a release.
Newspaper reports citing the presence of the Dhoots and the Nahatas at the launch of HFCL's joint venture IPTV project along with Bharat Sanchar Nigam Ltd (BSNL), triggered talk of a possible resolution of issues between the two partners.
BSNL, in collaboration with the Mahendra Nahata-led SDPL has launched its internet protocol television (IPTV) service in Hryana. BSNL plans to offer IPTV across 93 cities in the country by the end of the current financial year.
Nahata has indicated that a resolution over Datacom valuation was on the way although Dhoot refused to comment on the matter, the reports said.
The Dhoots were keen to acquire Nahata's stake in Datacom for Rs1,360 crore, but the Nahatas rejected it and instead sent a counter-proposal to buy out Dhoots' stake in the company.
Mahendra Nahata, who is also the chairman of Smart Digivision Pvt Ltd (SDPL), was on the podium at the press conference, and Dhoot was among the audience.
The Dhoots have a 64 per cent stake in Datacom while the Nahatas own 36 per cent. Datacom, one of the companies which got pan-India telecom licences early 2008, was supposed to launch its service on 15 August 2008. The launch, however, was delayed by a clash between the shareholders.
The partners are fighting over some aspects of the JV agreement, investments being made by them, and the valuation of Datacom for a possible sale to strategic investors.