New Delhi: Invoking bilateral investment treaty, Russian conglomerate Sistema on Tuesday said it has asked the Indian government to resolve within six months the dispute related to the cancellation of 21 telecom licenses of its local joint venture.
Sistema, Russian billionaire Vladimir Evtushenkov's holding firm, sought resolution of Sistema Shyam TeleServices (SSTL) losing licenses, under the Bilateral Investment Treaty.
It added that the company reserves the right to begin proceedings against India in an international tribunal if the dispute is not settled "in an amicable way" by August 28.
SSTL President and CEO Vsevolod Rozanov said Sistema JSFC, which is the majority shareholder in SSTL, "has invoked its right under Article 9.1 of the BIT signed between the Government of the Russian Federation and the Government of India for the promotion of mutual protection of investment... which came into force on August 5, 1996."...more
09:22 AM, Feb 29, 2012
New Delhi: After Telenor, UAE-based Etisalat, a shareholder in new telecom operator Etisalat DB, on Thursday said that it has has written off $ 827 million worth value of its Indian operations by way of an impairment charge as an after effect of Supreme Court order cancelling 122 2G licences. "Etisalat s management has decided to recognize an impairment charge in its 2011 consolidated financial statements amounting to an aggregate...
06:41 PM, Feb 09, 2012