The High Court of Justice (Commercial Court) in London yesterday (12 June 2014) upheld a damages claim from Bahrain’s Batelco against its former Indian mobile investment partner Siva Ltd, the Mumbai Mirror reported. The judgement awards Batelco total damages of USD211.1 million, following a dispute which arose after Indian cellular joint venture STel had its operating licence cancelled by India’s Supreme Court in February 2012. In 4Q11 Batelco Millennium India Company (BMIC) agreed to sell its 42.7% STel stake for USD174.5 million back to Sky City Foundation Ltd (a hedge fund that was part of a consortium that also sold a 51% stake in STel to Siva Ltd in 2009), but by the deal’s deadline of end-October 2012 no payment was forthcoming, and the following month BMIC commenced litigation in the UK against Siva Ltd and its founder Chinnakannan Sivasankaran for the recovery of USD184.8 million. This claim was upheld by a London judge, plus an additional USD30,000 per day since the original dispute began.
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