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 â€œmonetary reliefâ€ 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 â€œin due course.â€ 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 fewâ€¦â€¦â€¦â€¦â€¦â€¦.
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