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Batelco Successfully Obtains Indian Freezing Orders Against Assets of Related Parties of Chinnakannan Sivasankaran and Siva Limited to Enforce its USD 210 Million Judgment
 
 
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MUMBAI, India, February 24, 2016 /PRNewswire - MySolutionInfo/ -- Batelco Group (Ticker: BATELCO ), the international Telecommunications Group with operations across 14 countries, has successfully obtained Indian freezing orders from the Madras High Court against certain Indian assets of Chinnakannan Sivasankaran (Mr Siva) and his related parties namely: his ex-wife Mrs Jayalakshmi Sivasankaran, his father R.C.K. Vallal, his mother Chinnakannan Chandrammal, his long-term associates Baskaran,Nithyavathi Venkatesan and his related company, Siva Limited. The value of the assets frozen by such orders is estimated to be approximately 500 Crore (US$ 74 million).

The orders that have been made by the Madras High Court are intended to pay down a substantial UK judgment that was awarded to BMIC Limited (a fully owned subsidiary of Batelco) by the English High Court of Justice totaling US$ 212 million in June 2014 (the UK Judgement). The UK Judgement was awarded against Mr Siva and Siva Limited, following BMIC's successful litigation against them (the defendants). The UK Judgment found that the defendants failed to honour a Settlement Agreement signed with BMIC in November 2011, relating to a commercial venture into which such parties had entered in 2009. According to the UK Judgment, full payment should have been made to BMIC by the defendants by 26 June c2014. To date the defendants have failed to pay such sum to BMIC.

Ihab Hannawi, Group CEO of Batelco said:
"We fully expect all of the respondents to honour the Indian Court Orders and pay to BMIC the monies owing to it under the UK judgement. We will pursue all legal avenues available to us against such parties to secure this outstanding payment."

[BMIC acquired a 42.7% stake of Indian registered S Tel in 2009. S Tel had been awarded a 2G Licence in 2008. Following the cancelation of 2G licences by India's Supreme Court in February 2012, BMIC sought to implement an agreed put option which under certain circumstances, such as the cancelation of its 2G licence, or in the event of a failure of Siva to secure financing, would ensure Siva bought back the shares acquired by BMIC at the price paid originally. BMIC and the defendants entered into the binding Settlement Agreement to give effect to this commitment which contained a promise by Mr Sivasankaran and Siva Limited to make payment to BMIC in agreed circumstances.]

CONTACT: Rethu Menon, Consultant, FTI Consulting India, Rethu.Menon@fticonsulting.com, +91-986-718-1043, Amrit Singh Deo, Senior Director, FTI Consulting India, Amrit.Singhdeo@fticonsulting.com, +91-916-742-8242

Press release posted on: Feb 24 2016

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CategoryDescription
Telecommunications
 
http://www.batelco.com
Country: Bahrain

Bahrain Telecommunications Company (Batelco) is the leading integrated communications provider in the Kingdom of Bahrain and an emerging force among the regions key telecommunications players.

Batelco serves both the corporate and consumer markets in the most liberalised and competitive environment in the Middle East, and remains committed to delivering cutting-edge telecommunications to its customers in Bahrain and the MENA region. The Company's management and staff are driven by an enthusiasm for delivering the best customer experience based on innovation, affordability and reliability of products and services.

Batelco's specialised services cover the full spectrum of telecommunications solutions for residential and business customers and span a comprehensive range of mobile services, international roaming, high-speed Internet connections, satellite services, WiFi, MPLS IP-VPN network provisioning and management, Datacoms services over fixed, wireless and internet platforms, managed services, systems integration and enterprise solutions.

Batelco has invested US$1.4 billion in Bahrain's telecom infrastructure over the past 26 years, including significant investment in Next Generation Networks infrastructure which has reinforced the Kingdom's position as a leading communications hub. The Company's shares are listed on the Bahrain Stock Exchange with a total capitalization of approx US$ 3.2 billion as of February 2008.

With an ongoing strategy to grow overseas, the Batelco Group incorporates joint venture operations in Jordan, Kuwait, Yemen, Saudi Arabia and Egypt.

Batelco Main Number 17 88 18 81













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