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The investment policy cell of the Department of Telecommunications (DoT) is likely to hold a meeting on September 13 with the officials of the Kaif Investment Limited, Mauritius and Capital Global Ltd, Mauritius for a second round of talks in March to settle the ongoing disputes related to Loop Telecom.
In a letter to DoT last month, Vinsion & Elkins RLLP on behalf of Khaitan Holdings (Mauritius) Limited had alleged dispute with Government of India for oprotection of their investment in Loop Telecom Ltmited.
On August 26, the investors communicated via e-mail that a meeting can be held on September 13 at a mutually convenient time.
Earlier, the members of the DoT investment policy cell who met the foreign investors of Loop Telecom, which is promoted by Khaitan family, have discussed possible ways to work out a mutually acceptable solution to the alleged disputes of the bilateral treaty between India and Mauritius.
Khaitan Holdings had earlier written to the DoT seeking protection of their investment under the treaty due to the cancellation of licences of Loop Telecom Limited. Khaitan Holdings (Mauritius) had invested more than $140 million directly into Loop Telecom, besides other indirect investments.
These investments are protected under the Bilateral Treaties between the governments of India and Mauritius. However, Loop lost all its licences because of a Supreme Court order in February 2012 cancelling 122 telecom permits.
The foreign investors have said they will explore withdrawing their legal claims against the government if the latter either settles all the outstanding issues with them directly or with the company in which these investments have been made.
There are many court proceedings initiated by Loop Telecom, which might be at different stages, and requested Mauritius negotiation team (of foreign investors) for a detailed statement of proceedings and the status thereof.
The government team, which included officers from Ministry of External Affairs, also desired the details of all the foreign direct investment in the Loop Telecom along with the letters of government approval. The details will be submitted within this week.
