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Mauritius-based investors in Loop Telecom have served notice to the Government for resolving investor disputes under Bilateral Investment Promotion and Protection Agreements.
Loop is one of the nine companies whose 122 licences were cancelled by the Supreme Court. Apart from Loop, foreign investors namely Sistema Joint Stock Financial Coprpoartionm Russia, Telenor Asia Pte Ltd Singapore and Vodafone International Holdings BV, Netherland in the Indian telecom have served notice.
Mr. Namo Narain Meena, Minister of State for Finance, informed the Lok Sabha in a written reply, “The Government has received notices from Capital Global and Kaif Investment, both Mauritius-based investors in Loop Telecom Ltd under the provisions of the applicable Bilateral Investment Promotion and Protection Agreements/ Comprehensive Economic Cooperation Agreement.”
India signed BIPA with Mauritius on September 4, 1998 and it came into effect form June 20, 2000.
Scope of the agreement says that it will apply to all investments made by investors of both the countries in each other and accepted as such in accordance with laws and regulations of countries where invested.
All the investment made before or after the coming into force of this agreement.
Settlement of dispute between an investor from Mauritius and India can be resolved amicably through negotiations. If it does not happen, the aggrieved party can go for arbitration or through international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law.
Dubai-based Khaitan Holding, owner of Loop Telecom, said in a statement, “We invested in India through our subsidiary, Loop Telecom, with an understanding that investments will be protected vide the investment protection treaty India & Mauritius have.”
shishir.s@thehindu.co.in
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