Etisalat's cup of woes is brimming over. The DB group, Etisalat's partner in India, on Monday moved the Company Law Board (CLB) against the UAE-based company.
Majestic alleged that Etisalat did not fulfil the obligations which were agreed upon when the venture was formed.
While DB Realty officials declined to answer any queries, saying the complaint had been filed by a promoter group company, an e-mailed query to Etisalat DB remained unanswered.
This is the second telecom venture whose partners have picked up a fight. Telenor and Unitech are already battling over the former's plan to go ahead with a rights issue for their joint venture company.
For Etisalat DB, this is a double blow, as it comes just three days after the Enforcement Directorate (ED) fined it a massive Rs 7,100 crore (Rs 71 billion) for violations of foreign direct investment norms.
ED said Etisalat DB broke the law that a foreign entity's investment in a telecom company should be approved by the Foreign Investment Promotion Board when it crosses 49
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