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Bahrain's Batelco wins $211.1 million from Indian partner [Khaleej Times (United Arab Emirates)](Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) Batelco had sued Siva and its chairman Chinnakannan Sivasankaran for money it paid for a 43 per cent stake in Indian operator S Tel. A British court has ruled in Batelco's favour, ordering the Bahraini telecom operator's former Indian partner to pay it $211.1 million for failing to fulfil a previous agreement, a statement to Manama's bourse said on Monday. Batelco, via wholly-owned subsidiary BMIC, had sued Siva and its chairman Chinnakannan Sivasankaran for $174.5 million it paid Chennai-based Siva for a 43 per cent stake in Indian operator S Tel in 2009, plus $10.3 million and a further $30,000 a day. "The judgment totaling $211.1 million ... finds BMIC has been successful in its claim that the defendants failed to adhere to a settlement agreement relating to a commercial venture into which both parties had entered," Batelco's statement said. "The ruling confirms BMIC's claim and has ordered its full recovery from the defendants." S Tel struggled against its better-resourced and longer-established rivals and as of 2011-end had 3.55 million mobile subscribers, a 0.4 per cent market share. In February 2012, S Tel was ordered to be stripped of its licences as part of a corruption probe that pre-dated Batelco's investment. The Bahraini firm then announced it was selling its stake in S Tel back to Siva, but when Siva failed to pay by an October 2012 deadline, Batelco launched legal proceedings. (c) 2014 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |