batelco

Assets of Batelco former partner frozen by UK court

: Wednesday, July 23 - 2014 @ 07:13

A British court has ordered a worldwide freeze on assets of Batelco’s former Indian investment partner Siva Limited and its Chairman, Chinnakannan Sivasankaran, Gulf Daily News has reported. The Bahrain-based telecoms group said that its fully owned subsidiary, Batelco Millennium India Co (BMIC), had approached the High Court of Justice, Queen’s Bench Division, in the UK on July 16 saying the defendants were in breach of the court’s ruling of June 12 awarding it $212m. The dispute arose after Indian cellular joint venture, STel, had its operating licence cancelled by India’s Supreme Court in February 2012. The licence was granted to STel in January 2008, and during 2009 BMIC paid $175m to acquire 42.7% in STel from Sky City Foundation. The defendants were ordered to pay the amount by June 26.

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Wednesday, July 23- 2014 @ 7:13 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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