Financial Daily from THE HINDU group of publications
Tuesday, Feb 14, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 14, 2006 |
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Info-Tech
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Corporate Disputes Helios & Matheson begins arbitration proceedings Our Bureau
Chennai , Feb. 13 HELIOS & Matheson Information Technology Ltd has initiated arbitration proceedingsin response to certain information received from Escrow Agents PricewaterhouseCoopers Pvt Ltd and Khaitan & Co to the share purchase agreement, which Helios entered with vMoksha Mauritius on May 11, 2005 for 100 per cent acquisition of the three vMoksha entities in India, Singapore and the US. The Chennai-based company has appointed Mr N.V. Balasubramanian as its arbitrator. Mr V. Ramachandran, Chairman, Helios and Matheson, told Business Line that vMoksha Mauritius had invested in other companies, and that some of these companies were not giving the necessary documents to Helios. "We do not have any other way but appoint an arbitrator," he said. The current proceedings will in no way impact the company's investment, revenue and profit guidance for 2005-2006. There will be no impact on the vMokhsa acquisition as well, he said.
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