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TMCNet:  Batelco seeks enforcement of settlement agreement with Siva Limited [Arab Finance (Egypt)]

[November 09, 2012]

Batelco seeks enforcement of settlement agreement with Siva Limited [Arab Finance (Egypt)]

(Arab Finance (Egypt) Via Acquire Media NewsEdge) Manama - Batelco Group, the regional telecommunications operator of reference with operations across six countries, announced today that its fully owned subsidiary company BMIC Limited, commenced legal proceedings to enforce an agreement with Siva Limited and recover an amount of $184.79M. BMIC Limited filed a claim in the UK High Court of Justice, Commercial Court against Siva Limited and Mr. Chinnakannan Sivasankaran, for failing to adhere to a Settlement Agreement. The parties had agreed on 30 November 2011 to settle a dispute arising from their involvement in a commercial venture in India and executed a Settlement Agreement.  BMIC Limited is now pursuing legal action to enforce its rights under the Settlement Agreement and ensure Siva Limited and Mr. Chinnakannan Sivasankaran meet all their obligations, as agreed and in accordance with the jurisdiction of the Courts in England and Wales. Source : Press Release (c) 2012 Arab Finance Brokerage Company All rights reserved. Provided by Syndigate.info an Albawaba.com company


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