The Bombay High Court on Tuesday upheld an order of the Company Court admitting a petition for the winding up of Etisalat DB Telecom Private Ltd (EDBTPL), a joint venture between they city-based DB Group, promoted by Shahid Balwa and Vinod Goenka chargesheeted in the 2G spectrum case, and the UAE government-controlled Etisalat Mauritius Limited.
A Company Court had admitted the winding up petition filed by Etisalat Mauritius Limited (EML) against EDBTPL on the ground that it is “just and equitable” to wind up the company. Majestic Infracon Private Limited (MIPL), an arm of the DB Group, had challenged the company court’s order before the High Court. Justices SJ Vazifdar and GS Patel said that they had found the submissions made on behalf of EML “well-founded.”
“… licences were canceled by a judgment of the Supreme Court. The petitioner admittedly invested in the company only after the 2G licences were issued and had nothing to do with the issuance of the licences to the company. The debts of the company are, as on date, in excess of Rs 4,500 crore. There is no possibility whatsoever of reviving the company…,” the court said in its order.