Batelco seeks $212 million from Sivasankaran

Bahrain-based Batelco Group has demanded a full repayment to it of the $212 million (Rs 1,279 crore) awarded by a British court against Seychelles-based tycoon C Sivasankaran and his Siva group of companies.  The judgement upheld the claim of a Batelco subsidiary, BMIC Ltd, it said.

The court held the defendants had failed to honour a settlement agreement signed in November 2011, relating to a commercial venture both parties had entered in 2009. The defendants, Sivasankaran and Siva Ltd, were ordered to pay the judgement debt by June 26 this year. Neither did and BMIC approached the court on July 16; it has got a ‘freeze order’ against the defendants’ assets globally, requiring Sivasankaran to disclose his assets.

“It is Batelco’s intention to take whatever enforcement action it considers appropriate against the defendants for full payment,” Batelco said.

BMIC had acquired a 42.7 per cent stake of India-registered S Tel in 2009. S Tel had acquired second generation (2G) spectrum licences in 2008. Following the cancellation of 2G licences by the Supreme Court of India in February 2012, BMIC sought to implement an agreed put option, leading to  the dispute.

“The court found no merit in the arguments made by the defendants and we cannot see why the payment has not been made. We will pursue all legal avenues available to us wherever Sivasankaran and Siva Ltd have assets, to secure this payment,” Batelco group chief executive Alan Whelan stated.