ZTE Initiates Legal Proceedings Against Loop Mobile
Chinese telecom equipment major ZTE Corporation today said it has initiated legal proceedings against Loop Mobile, which is being acquired by Bharti Airtel, for recovery of unpaid dues estimated at $25 million.
ZTE has also requested the Bombay High Court to pass an order directing attachment of all sums payable by Bharti Airtel to Loop Mobile, and restraining Loop Mobile to sell its business to any party without permission of the court.
"It has come to our notice that Loop Mobile is entering into a business deal to transfer its operating assets (subscribers) to Bharti Airtel, without keeping us informed about this. To secure our business interests, we have moved an additional application to the Bombay High Court for the recovery of the unpaid dues," ZTE Corporation's legal attorney, Yuan Shen said in a statement.
Telecom major Bharti Airtel had in February this year announced that it would buy business and assets of Loop Mobile in Mumbai under a strategic agreement.
ZTE said: "We have approached the Mumbai High Court to grant interim measure of protection for securing the outstanding amount payable to ZTE Corporation from Loop Mobile."
A Loop Mobile spokesperson declined to comment on the matter.
ZTE said it wants the court to direct Loop Mobile to deposit the amount in the form of fixed deposit or security deposit.
The company said Loop Mobile was in a business agreement with it. Last year, ZTE filed a petition against Loop Mobile in the Bombay High Court due to compliance issues wherein the latter failed to clear dues worth $25 million, it added.
Under the agreement between Loop and Bharti, Loop Mobile's 3 million subscribers in Mumbai are expected to join Airtel's over 4 million subscribers, making it a largest network in the metropolitan city.
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