loop Telecom investor KHMl has served final notice to the Government stating that it would proceed before international arbitrator if the third round of talks scheduled for September 13 fails.
“Khaitan Holding Mauritius ltd has made claim of about Rs 3,764 crore and third round of meeting is scheduled for September 13 to arrive at amicable solution.
“They have issued final notice while we are yet to meet,” said an official source.No immediate comments were received from the company. The Mauritius-based investor first served notice to the government in April 2012 for resolving disputes under Bilateral Investment Promotion and Protection Agreements following cancellation of all its 21 licences by the Supreme Court in the 2G case on February 2, 2012.
Mauritius-based Kaif Investments and Capital Global, majority investor in loop Telecom had served notice under BIPA in April 2012, following which government representatives have held two round of discussion.Now Kaif Investment and Capital Global are jointly being represented as KHMl which has served final notice for international arbitration.