Petition against Etisalat dropped in India

Etisalat on Sunday said that a petition lodged against it by Majestic Infracon, its Indian joint venture partner, has been withdrawn. "We wish to inform you that Majestic Infracon Private Limited has made an unconditional withdrawal of its petitions against etisalat before India's Honourable Company Law Board," etisalat said in a brief statement posted on the Abu Dhabi exchange website. Majestic Infracon was not immediately available for comment. Etisalat holds 44.73 per cent of Etisalat DB Telecom Pvt Ltd, the Indian joint venture in which Majestic Infracon owns 45.73 per cent. Majestic Infracon is controlled by Shahid Usman Balwa and Vinod Goenka, who are in jail facing charges of cheating, forgery and bribery. Article continues below According to media reports last month, Majestic Infracon told India's Company Law Board, a quasi-judicial body hearing company disputes, that etisalat did not fulfil the obligations agreed upon when the joint venture was formed.