Financial Daily from THE HINDU group of publications
Monday, May 03, 2004
Financial Daily from THE HINDU group of publications Monday, May 03, 2004 |
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Telecommunications Corporate - Courts/Legal Issues Motorola plea on Iridium to be heard this week Our Bureau
Mumbai , May 2 MOTOROLA Inc's plea for a stay on an interim Bombay High Court order last week, ordering it to deposit more than $120 million in the Iridium India case against it, will be heard later this week by the court. The case goes back to 2002 when Indian investors in the failed Iridium satellite phone project of Iridium had sought damages from Motorola, whose group was the lead promoter of the Iridium project. Apart from the Motorola-led Iridium LLC, the other promoters of Iridium India are a number of Indian financial institutions and banks, including IDBI, ICICI, State Bank of India, Infrastructure Leasing & Finance Company and the Export-Import Bank of India. These promoters have also invested in a gateway in Pune, in which Videsh Sanchar Nigam Ltd, too, has a stake.
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