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Mon 1 Aug 2011 03:17 PM

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Etisalat says India partner withdraws legal petition

UAE operator says “unconditional withdrawal” of petition in huge telecoms scandal

Etisalat says India partner withdraws legal petition
State-backed operator Etisalat has reiterated it was not involved in any wrongdoing in India

Abu
Dhabi-based telecommunications firm Etisalat on Monday said its Indian mobile
phone joint venture partner has withdrawn a petition filed against the company
before India's Company Law Board.

Majestic
Infracon Private Ltd, which owns about 45.73 percent of the joint venture, made
an "unconditional withdrawal" of its petitions, Etisalat said in a
bourse statement without specifying any additional details.

The
Company Law Board is an independent quasi-judiciary body that rules on
corporate matters.

India's
DB Group is Etisalat's partner in the Indian mobile joint venture, Etisalat DB,
which has been embroiled in a massive telecommunications scandal.

DB
Group officials Shahid Balwa and Vinod Goenka, who control Majestic Infracon
Private, are among those charged by India's federal police over their alleged
involvement in the scandal.

Etisalat
said last month that court proceedings had been initiated against Etisalat DB
by "parties charged with major corruption offenses to shift attention away
from their own situation." The company also reiterated that it was not
involved in any wrongdoing.

Its
shares closed flat at AED10.25 on the Abu Dhabi exchange on Monday.

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