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UAE’s Etisalat says India partner withdraws legal petition
UAE's Etisalat says India partner withdraws legal petition
August 1, 2011 3:29 by Reuters
Abu Dhabi-based telecommunications firm Etisalat on Monday said its Indian mobile phone joint venture partner has withdrawn a petition filed against the company before India’s Company Law Board.
Majestic Infracon Private Ltd, which owns about 45.73 percent of the joint venture, made an “unconditional withdrawal” of its petitions, Etisalat said in a bourse statement without specifying any additional details.
The Company Law Board is an independent quasi-judiciary body that rules on corporate matters.
India’s DB Group is Etisalat’s partner in the Indian mobile joint venture, Etisalat DB, which has been embroiled in a massive telecommunications scandal.
DB Group officials Shahid Balwa and Vinod Goenka, who control Majestic Infracon Private, are among those charged by India’s federal police over their alleged involvement in the scandal.
Etisalat said last month that court proceedings had been initiated against Etisalat DB by “parties charged with major corruption offenses to shift attention away from their own situation.” The company also reiterated that it was not involved in any wrongdoing.
Its shares closed flat at 10.25 dirhams on the Abu Dhabi exchange on Monday. (Reporting by Shaheen Pasha, Editing by Dinesh Nair)