|Chennai||Rs. 25020.00 (0.81%)|
|Mumbai||Rs. 25890.00 (0.98%)|
|Delhi||Rs. 25200.00 (-0.2%)|
|Kolkata||Rs. 25480.00 (1.03%)|
|Kerala||Rs. 24800.00 (0.61%)|
|Bangalore||Rs. 25000.00 (0.81%)|
|Hyderabad||Rs. 25080.00 (1.09%)|
Bahrain Telecommunications Co
S Tel was one of eight Indian mobile operators ordered to be stripped of licences in February as part of a corruption probe.
Later that month, Batelco announced it had agreed to sell its 43 percent stake in S Tel back to Sky City Foundation Ltd for $175 million, receiving the price paid to acquire its S Tel holding in 2009.
At the time, Batelco said the deal would be completed in the fourth quarter, while in mid-October the firm's chief executive told reporters there was an October 31 deadline for it to receive the money due.
Sky City Foundation is a hedge fund that was part of a consortium that also sold a 51 percent stake in S Tel to Siva Ltd in 2009, and Batelco has now launched legal proceedings via fully owned subsidiary BMIC Ltd against Siva and its founder Chinnakannan Sivasankaran.
"BMIC Limited filed a claim in the UK High Court of Justice, Commercial Court ... for failing to adhere to a Settlement Agreement," Batelco said in an emailed statement, adding it was seeking to recover $184.79 million.
Siva and Sky City were not immediately available for comment.