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UAE telecom giant Etisalat has said a petition lodged against it by Majestic Infracon, the UAE telco’s Indian joint venture partner, has been withdrawn.
In a brief statement posted on the Abu Dhabi Exchange Web site on Monday, the company said: “We wish to inform you that Majestic Infracon Private Limited has made an unconditional withdrawal of its petitions against Etisalat before India’s Honorable Company Law Board.”
Etisalat is the region’s biggest telecom provider by market value.
Etisalat holds 44.73 per cent of Etisalat DB Telecom Pvt Ltd, the Indian joint venture in which Majestic Infracon owns 45.73 per cent.
Majestic Infracon is controlled by Mr Shahid Usman Balwa and Mr Vinod Goenka, who are in jail facing charges of cheating, forgery and paying bribes to get licences to offer telecom services in 2008.
Reports earlier said that Majestic Infracon told India’s Company Law Board that Etisalat didn’t fulfill the obligations that were agreed upon when the joint venture was formed in late 2008, and mismanaged the affairs of Etisalat DB Telecom.
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