Etisalat starts legal proceedings against partners in Indian joint venture
24 Feb 2012
The Emirates Telecommunications Corporation, Etisalat, has initiated legal proceedings against partners of its Indian joint venture firm, Etisalat DB Telecom India, alleging ''fraud and misrepresentation''. The move comes a day after the company said it would shut down the operations of its Indian joint venture.
The United Arab Emirates-based telecom operator has issued proceedings in the Indian Courts against Shahid Balwa and Vinod Goenka, top officials of DB Group, and Majestic Infracon Private Ltd, a DB Group company, it said in a statement.
Etisalat DB Telecom India is joint venture between India's DB Group and Etisalat, with the latter holding 45-per cent stake.
Earlier in February, India's India's Supreme Court ordered its 15 licenses to be cancelled. (See: 2G fallout: Etisalat joins STel in exiting telecom mart)
The unit has licenses for 15 circles, with 1.7 million subscribers and was ranked the 14th largest operator.
India has a total of 22 telecom operational areas and has over 15 service providers.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
