Softening stance: DB withdraws plea against Etisalat at CLB

The DB Group has withdrawn its plea at the Company Law Board, against its partner Etisalat. DB had alleged operational mismanagement on the part of Etisalat, reports Ashwin Mohan quoting sources.

 It is learnt that both the parties are currently in talks and are working out a possible compromise. It quite clearly indicates a sort of partnership.
Earlier, DB wanted an independent observer of the board meetings and an independent auditor to verify the joint venture performance against the initial business plan. Thirdly, DB also wanted to know about the financial status of its JV with Etisalat. Now, that DB has withdrawn its application from the CLB, possibly these three demands are accepted by Etisalat.
Both the companies have confirmed this move. Etisalat has also said that Majestic Infra Con, a DB Group promoter company has maked unconditional plea withdrawal. Meanwhile, Etisalat has welcomed the decision in the best interest of Etisalat DB. Also watch the accompanying video.