32D.—(1) Without prejudice to section 27, if the Authority is satisfied that a person has —
(a)
acquired an ownership interest in the voting shares of a designated telecommunication licensee;
(b)
entered into a consolidation with a designated telecommunication licensee; or
(c)
acquired the business of a designated telecommunication licensee as a going concern,
(referred to in this section as the specified person), in contravention of section 32B(2), (3) or (4), or that the acquisition or consolidation is likely to substantially lessen competition or is against the public interest, the Authority may issue a direction under subsection (3) or (4), as the case may be.
(2) The Authority may issue a direction under subsection (3) or (4) if the Authority is satisfied that —
(a)
any condition of approval imposed on the person has not been complied with;
(b)
the person has furnished false or misleading information or documents in connection with an application under section 32B to obtain the approval of the Authority; or
(c)
the Authority would not have granted its approval under section 32B had it been aware, at that time, of circumstances relevant to the person’s application for such approval,
and the existing ownership interest in the designated telecommunication licensee held by the person is likely to substantially lessen competition or be against the public interest.
(3) The Authority may, under the circumstances specified in subsection (1)(a) or (b) or (2), direct —
(a)
the designated telecommunication licensee to do all or any of the following:
(i)
to restrict the exercise of all or any of the voting rights in respect of the shares through which any specified person has an ownership interest in the designated telecommunication licensee (referred to in this section as the specified shares), unless the Authority expressly permits such rights to be exercised;
(ii)
to restrict the issuance or offer of shares in the designated telecommunication licensee (whether by way of rights, bonus or otherwise) in respect of the specified shares, unless the Authority expressly permits such issue or offer;
(iii)
except in a liquidation of the designated telecommunication licensee, to restrict the payment of any amount (whether by way of dividends or otherwise) in respect of the specified shares, unless the Authority expressly authorises such payments subject to such conditions as the Authority may specify; and
(b)
any specified person or an affiliate of the specified person to transfer or dispose of all or any part of the specified shares within such time and subject to such conditions as the Authority considers appropriate.
(4) The Authority may, under the circumstances specified in subsection (1)(c) or (2), direct any specified person to transfer or dispose of all or any part of the business acquired from the designated telecommunication licensee within such time and subject to such conditions as the Authority considers appropriate.
(5) Before issuing a direction to any person under subsection (3) or (4), the Authority shall, unless the Authority decides that it is not practicable or desirable to do so, cause to be given to that person notice in writing of the Authority’s intention to serve the direction, specifying a date by which that person may make written representations with regard to the proposed direction.
(6) Upon receipt of any written representation referred to in subsection (5), the Authority shall consider it for the purpose of determining whether to issue the direction.
(7) Any person to whom a direction is given under subsection (3) or (4) shall comply with the direction and the direction shall take effect notwithstanding the provisions of any other written law or anything contained in the memorandum or articles of association, or other constitution, of the designated telecommunication licensee.
(8) The Authority may vary or revoke any direction issued under this section.