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Batelco Draws First Blood

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MUMBAI/CHENNAI: In a relief to Batelco Group, Bahrain based global telecoms company, the Madras High Court has directed serial investor Chinnakannan Sivasankaran, his relatives and his flagship company Siva Ltd not to sell or to create any third party rights on some of their Indian assets until February 22. The values of these movable and immovable assets are around Rs 500 crore (about $74 million).

The case was filed by the BMIC, a wholly owned subsidiary of Batelco as per the ruling - decree in legal parlance - of the UK court of June 2014, which had directed Sivasankaran popularly known as Siva and his affiliates to pay up around $212 million. According to Batelco, that UK Judgment made it mandatory for Siva to payback the entire outstanding sum by 26 June 2014 but till date he has have failed to comply.

"Batelco Group...has successfully obtained today Indian freezing orders from the Madras High Court against certain Indian assets of Sivasankaran and his relative…