The UAE telecoms provider etisalat said on Monday that it has started proceedings for the winding up its scandal-hit Indian joint venture Etisalat DB Telecom Pvt Ltd, or EDB, which was formerly known as Swan Telecom.
Etisalat said the move to launch closure proceedings was to ensure “a proper and orderly end to the business of EDB that is supervised by the Indian Courts.”
In a statement, the UAE company pointed out that recent events have led to a complete breakdown in the relationship between etisalat and its Indian partners, Shahid Balwa and Vinod Goenka, who face various criminal charges of corruption associated with Swan’s acquisition of its UAS (unified access services) licences.
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