9. Description (Summarize the nature of the application.)
Under the proposed transaction, VSNL Telecommunications (Bermuda) Ltd. ('VSNL Bermuda Telco') and Teleglobe America Inc.'s ('TAI') ultimate parent company, Teleglobe International Holdings Ltd ('TIHL'), will be amalgamated (i.e., combined) under Bermuda Law. As a result of the amalgamation, the separate corporate existence of TIHL will cease, and the amalgamated company, VSNL Bermuda Telco, will become a privately held, direct wholly-owned subsidiary of Videsh Sanchar Nigam Limited ('VSNL'). As a result of the transaction, VSNL Bermuda Telco will acquire an indirect controlling interest in TAI. |