JUGGY D
BACK TO BASIC
MUMBAI, JULY 4:
The Bombay High Court has appointed Solomon and Co to manage Etisalat DB Telecom. The Indian law firm has been selected pending the court’s decision on the admission of the petition to ensure ‘just and equitable’ winding up of the business, said Etisalat in a statement. Etisalat said that it was “satisfied with court’s decision.” This would “protect the assets of Etisalat DB in advance of the intended liquidation and permit the payment of creditors where appropriate under Indian law.” Solomon and Co will be the point of contact for all creditors. The Department of Telecom had issued a show cause notice to Etisalat DB in June for closing down its operations in violation of licence conditions.
The Bombay High Court has appointed Solomon and Co to manage Etisalat DB Telecom. The Indian law firm has been selected pending the court’s decision on the admission of the petition to ensure ‘just and equitable’ winding up of the business, said Etisalat in a statement. Etisalat said that it was “satisfied with court’s decision.” This would “protect the assets of Etisalat DB in advance of the intended liquidation and permit the payment of creditors where appropriate under Indian law.” Solomon and Co will be the point of contact for all creditors. The Department of Telecom had issued a show cause notice to Etisalat DB in June for closing down its operations in violation of licence conditions.
