NEW DELHI: New York-based law firm Curtis, Mallet-Prevost, Colt & Mosle LLP has demanded a fee of $112,721, or about Rs 73.26 lakh, from the department of telecom (DoT) for representing it in an international arbitration initiated by Loop Telecom promoters Khaitan Holdings Mauritius last year.
The DoT, while seeking financial approval, said the law firm has given justifications for its two bills of $97,220 and $15,501. According to internal documents reviewed by ET, the finance ministry has sought a 'judicious review' of the first bill for service in terms of number of hours put in and 'a clear distribution' of the second bill related to travel costs.
Khaitan Holdings Mauritius Ltd (KHML), an investor in Loop Telecom slapped a $1.4 billion notice on the Indian government on September 30, seeking international arbitration while arguing that the South Asian nation was not able to protect investments made in the mobile phone operator since 2008.
KHML had invoked the India-Mauritius Bilateral Investment Promotion and Protection Agreements (BIPA) treaty to protect its investments. The ministries of communications, finance and external affairs were also made aware of the alleged treaty violations.
Khaitan Holdings Mauritius Ltd (KHML), an investor in Loop Telecom slapped a $1.4 billion notice on the Indian government on September 30, seeking international arbitration while arguing that the South Asian nation was not able to protect investments made in the mobile phone operator since 2008.
KHML had invoked the India-Mauritius Bilateral Investment Promotion and Protection Agreements (BIPA) treaty to protect its investments. The ministries of communications, finance and external affairs were also made aware of the alleged treaty violations.
The mobile phone company becomes the first among those who lost their licenses in the aftermath of the Supreme Court's February 2012 ruling to go ahead with international arbitration.
Mumbai-based mobile phone company Loop Telecom was among the nine mobile phone operators whose licenses were cancelled by the Supreme Court, citing irregularities in the grant of the permits. Loop lost 21 of its 22 permits. KHML holds 26.95% of Loop Telecom, while the rest is owned by some members of the Khaitan family.