Videsh Sanchar Nigam Ltd said on Tuesday it is studying FLAG Telecom's claim of a monetary relief of about $406 million and will file its response with the Tribunal in due course.
VSNL has received a communication from arbitration tribunal of the International Chamber of Commerce seeking answer for FLAG's claim on a monetary relief of about $406 million plus interest in the arbitration relating to its dispute with the Anil Ambani Group company.
The dispute is regarding the interpretation of the construction and maintenance agreement governing the FLAG Europe-Asia cable system.
"The company is studying FLAG's
claim and will file its response in due course as per the schedule finalised by the Tribunal," the company said in a filing to the Bombay Stock Exchange.
In May last year, the ICC Tribunal in a partial award had ordered VSNL to grant FLAG access to the Mumbai cable landing station of the FLAG Europe-Asia cable system for the purposes of installation, inspection, testing, training and other functions so as to equip capacity of the system to any level.
Further the company has informed that it has filed a writ in the Netherlands seeking to set aside the partial award. Flag Telecom is the global arm of Reliance Communications, an Anil Ambani group company.
