Court upholds Batelco’s $211 million clam
The Bahrain All-Share Index declined by 0.51 per cent to close at 1,449.91 points on Monday, June 16.
Bahrain Telecom or Batelco ended down 1.08 per cent at BD0.336. Earlier in the day, Batelco said it welcomed the ruling of the United Kingdom’s high court in favour of its subsidiary BMIC Limited in its litigation against former Indian business partner Siva Limited and its chairman (the defendants). The judgment totaling $211.1 million made in the High Court finds that BMIC has been righteous in its claim, saying the defendants failed to adhere to a settlement agreement relating to a commercial venture in India into which both parties entered in 2009.