Shiva Group has lost in the legal battle against its Indian telecom JV STel’s partner Batelco. Batelco approached the High Court of Justice, Queen’s Bench Division, in the UK on July 16 saying the defendants were in breach of the court’s ruling of June 12 awarding it $212 million. The court asks the Shiva Group to clear the amount by July 26 or Batelco may freeze worldwide assets of Shiva Group.
Batelco Group CEO Alan Wheelan said the company “would pursue all legal avenues available wherever Sivasankaran and Siva have assets in order to secure this payment assisted by the worldwide freezing order obtained from the English High Court” reports ET.
In 2008 Seychelles-based business giant C Sivasankaran and his Siva group of companies formed Sky City Foundation to obtain 2G spectrum in India. The company granted 2G spectrum in 6 circles in 2008 and started offering mobile services. In 2009 Batelco acquired 42.7% of STel via its subsidiary Batelco Millenium India Company (BMIC).
In 2010 STel won 3G spectrum in 3 circles in India, but never launched services. In 2012 Supreme Court of India cancelled all licenses allowed by the-then telecom minister A. Raja in 2008. STel had to stop its operations and Batelco sold its stake to Sky City. However as per the agreement Batelco demanded that amount of $212 million from its former partner.