Mauritius based investors in Loop Telecom have served a notice on the Government to settle the issue arising out of the cancellation of spectrum licences by the Supreme Court on February 2 under India Mauritius bilateral investment treaty.
In a written reply to a question in the Lok Sabha, Minister of State for Finance Namo Narain Meena said the government has received the notices under the provisions of the applicable Bilateral Investment Promotion and Protection Agreements (BIPAs) and Comprehensive Economic Cooperation Agreement "to resolve alleged investor disputes".
"The said notices are being handled in terms of the provisions of the applicable agreements, keeping i view the details of the case," he added.
He said that notices have been served by Sistema Joint Stock Financial Corporation, Russia; Telenor Asia Pte, Singapore; Capital Global Ltd and Kaif Investment, both Mauritius based investors in Loop Telecom; and Vodafone International Holdings BV, the Netherlands.
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.”