The long-standing dispute between Tata-controlled Videsh Sanchar Nigam Ltd (VSNL) and FLAG Telecom, part of the Anil Dhirubhai Ambani Group (ADAG), over the FLAG Europe-Asia cable system has worsened, with FLAG moving the International Chamber of Commerce (ICC) seeking “monetary relief†of $406 million, plus interest, from VSNL.
On 6 Feb, VSNL told BSE that it had received communication from FLAG seeking compensation. VSNL will study the claim and file its response with ICC “in due course.†Responding to the news, VSNL stock plunged 3.4% on Tuesday on the BSE to end at Rs 488.50, compared with Rs 505.70 on Monday.
The dispute between the two companies started a few……………….
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