Russia’s Sistema, which serves 15 million Indians under the MTS mobile brand, became the first international telecom investor on Tuesday to seek justice under a bilateral investment treaty after its licence was marked for cancellation by the Supreme Court. Sistema, the largest diversified public corporation in Russia and CIS, sent the notice to the government about the dispute under the India-Russia bilateral investment treaty (BIT). The BIT binds signatories to provide investments with full protection and security and bars any expropriation of investment. The company said it will also file a review petition in the SC. Sistema, which owns a 56.88% stake in Sistema Shyam TeleServices (SSTL), holds a licence granted by A Raja in January 2008 —among the 122 struck down by the court on February 8. SSTL provides CDMA mobile services in 21 circles.
Source: Financial Express
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