Meeting between IMG and Loop investors likely in mid of September

NEW DELHI: A meeting is likely by mid of this month between Khaitan Holdings, an investor in Loop Telecom, and an inter-ministerial group to discuss the dispute over damages to investment by Mauritius-based firm in the telecom company whose lincence was cancelled by Supreme Court in 2012.

The meeting is likely on September 13 or 15, official sources said.

When contacted, Khaitan Holding spokesperson said: "We are in a dialogue with DoT regarding the restitution of damages under the Bilateral Investment Treaty between India and Mauritius, including for direct and indirect damages under the treaty. Such damages, apart from the damages incurred due to loss of reputation and profit."

Khaitan Holding has claimed $139.7 million (about Rs 934 crore) towards lost direct investment and Rs 1,494.94 crore for telecom licence along with 12 per cent annual interest.

Along with this, it has asked the Indian government to release all bank guarantees relating to its quashed licences at zero cash cost to the firm, the spokesperson added.

Government had decided to adjust the money of telecom operators, affected by the apex court order, if they participate in spectrum auctions, but Loop Telecom opted out of both auctions that were held in November 2012 and March 2013.