Batelco Draws First Blood

MUMBAI/CHENNAI: In a relief to Batelco Group, Bahrain based global telecoms company, the Madras High Court has directed serial investor Chinnakannan Sivasankaran, his relatives and his flagship company Siva Ltd not to sell or to create any third party rights on some of their Indian assets until February 22. The values of these movable and immovable assets are around Rs 500 crore (about $74 million).

The case was filed by the BMIC, a wholly owned subsidiary of Batelco as per the ruling - decree in legal parlance - of the UK court of June 2014, which had directed Sivasankaran popularly known as Siva and his affiliates to pay up around $212 million. According to Batelco, that UK Judgment made it mandatory for Siva to payback the entire outstanding sum by 26 June 2014 but till date he has have failed to comply.

"Batelco Group...has successfully obtained today Indian freezing orders from the Madras High Court against certain Indian assets of Sivasankaran and his relatives including former wife Jayalakshmi Sivasankaran, his parents RCK Vallal and Chinnakannan Chandrammal and his associates Baskaran, Nithyavathi Venkatesan and his related company, Siva Limited," said a released issued by Batelco.

The genesis of the disputes lies in the cancellation of telecom licenses by the Supreme Court in 2012. BMIC had originally acquired 42.7% stake in S Tel in 2009, a year after the company won a 2G licence. Siva was the other principal shareholder in the company. Following the cancellation of 2G licenses of the company along with other 121 operators by the Apex Court, BMIC sought to implement a put option under the agreement to get his investment back. As per the agreement between the two parties, it was decided that if there are circumstances like cancellation of S Tel's licenses or failure to secure debt finance, Siva will have to buy back the shares acquired by BMIC at the original paid price. However, Siva failed to do so, which led Batelco launching legal proceedings.

"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," said Ihab Hannawi, Group CEO of Batelco in a release. "We will pursue all legal avenues available to us against such parties to secure this outstanding payment."

However, sources close to Siva says Batelco has no locus standi to file a case against him in Madras High Court as he is not an Indian citizen. C Sivasankaran's relatives will contest the case in the Madras High Court when the case comes up for hearing next, according to those aware of the plan.

Batelco also claimed that the Indian businessman had conveniently timed his divorce property settlement with his former wife in Seychelles just before the UK court passed an order and he transferred properties of around $100 million for no consideration on his wife's name. The same properties are under dispute.

BMIC also argued in the court that Siva had petitioned the Supreme Court of Seychelles for an order that he be declared 'bankrupt', in July 2014; soon after the UK Judgment went against him. They argued that Siva had created an extensive network of companies in India and is currently operating through them, with the active aid and support of his related associates, so as to avoid making payment of significant monies owed to his outstanding creditors, in particular BMIC. On 26 August 2014, the Supreme Court of Seychelles declared Mr Siva as an Insolvent/Bankrupt and permitted him to be released from such bankruptcy, despite protests from BMIC to do otherwise.

http://economictimes.indiatimes.com/industry/telecom/batelco-draws-first-blood-chennai-hc-freezes-sivas-select-india-assets-till-month-end/articleshow/51013766.cms

Comments

  1. Chicken are coming home to roost everywhere these days, not only with Siva but also with James Michel. During the election campaign Mrs. Amesbury said 'sa-kine-soze-son-soze-y-a-soze-li-meme'. What we see today is President James Michel asking the National Assembly to re-amend the constitution to revert back the provision for a President to hold two 5-yrs terms, instead of the three 5-yrs terms as is the case presently. Every body knows that he was the one who introduced the three 5 years terms system for him to stay the longest terms possible. The National Assembly has always been a rubber stamp for him. The country has been ridiculed internationally for 'passé baton', Danny Faure might be short-changed this time.
    Soon Seychelles will be back to square one, 'plus sa change' mentality will never go away. Thanks to Mrs. Amesbury for making James Michel eat crow!

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  2. For the State of the Nation at the National Assembly, Mancham alone sat together with the PL Ministers. He has no official status in Michel's government what the heck was he doing there? giving moral support to James Michel no doubt.

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  3. Once was NAPA LAND and now CORRUPTED LAND.

    Only the PL thugs think otherwise.

    Everyday and every year is the same BULLSHIT.

    Once the DRUG FLEO was said in English.

    Then followed in CREOLE.

    And this year repeated in French:"LA LUTTE CONTRE LE TRAFIC DE DROGUE RESTE UNE PRIORITE"

    God knows what will they say next time,if there is a next time!

    Mancham said recently that we must aim to Monaco not Bamako! Why not aim to get PL out!



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  4. Basil Hoareau was the lawyer representing Siva in all his land deals, now he is the most favorable lawyer for PL. What happened to icon lawyer Bonte?

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  5. Something very strange at the Army promotion ceremony. Vice President Danny Faure walked alongside President James Michel for inspection of guard of honor, it shows that Danny Faure is on the job-training. The 'pass-baton' may have been precipitated by recent events, so there is no time to wait. But Faure is not a 'natural-born' Seychellois, another case for Constitutional Court to decide.

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  6. No Truth and Reconciliation Commission yet even James Michel is in the U-turn mode. It has just been announced that Air Seychelles will cease flying to Dar-es-Salaam. Gone are the days when Tanzanians and Tanzania were the saviours and place to be. Albert Rene and James Michel were sucking up to Neyrere for helping them with the coup d'Etat, so Air Seychelles had to maintain direct flights with Dar-es-salaam. Even at great lost twice a week, just to please friend Neyrere and PL activist Maryvonne Pool. These reiterations will continue as long as there is no Truth and Reconciliation Commission.

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  7. James Michel condemns the bombing at Brussels Airport as 'cowardly act and the criminals have to face justice' What an hypocrite scumbag! Why he does not cry foul for the criminals in Seychelles who bombed the Reef Hotel, the Radio Seychelles, the Seychelles club, the Moosa Shop and the countless cases of arsons, murders and disappearances. of buildings and properties. Associates are equally guilty as the principle perpetrators.

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  8. Another first for Seychelles - They say that Seychelles has been found to possess the best quality of air on the planet. Michel and his lackeys think that people are more stupid and more idiots than they are. Everybody knows that the earth revolves and air circulates globally, so no country lives in a bubble. Seychelles is an island further away from larger centers of pollution but we are one world!

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  9. Is the son of Mitsy larue already fucking in his asshole ,like all homosexuals in this country?Well ...the answer is yes...so what discrimination is Pl talking about .......?Pl and his homosexuals supporters say is about their free will to their sexual orientation ......well you are already faucking in your assholes ---should pedophile and those who perpetuate sodmoy be allow to practice their vices for it is their sexual orientation too ....?Atheist pl have nothing to decided in the palce of Seychellois ...we will not allow an illegal gang of thugs like pl ,,and who are athesits to rape our moral values to please a miniroty ...for doing so ,,that privileging a minority is in itself a discrimination towards the mass.......
    Moral desease and vices like homosexual should never be recognize ......
    Pl told us it because of pressure for Uk...We remind pl thugs that we are no longer a colony but soveiregn and no countires or international organizations can overrule our National rule of laws .......Should pedophile and sodomy be also be legalize by pl thugs and atheists?''''it seems for athiests Pl yes .....well they athesits thy have no moral comppasss .....we will not let them rape our moral values...

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