An international arbitration tribunal has dismissed all the claims filed against India by Tenoch Holdings Limited (Cyprus) and two other entities in relation to cancellation of letters of intent for the provision of 2G telecom services.
The complainants had approached the tribunal against the cancellation of their letters of intent for the issuance of telecommunications licences to provide 2G services in five telecommunications circles in India.
The Indian government had rejected their letters of intent on the grounds of safeguarding India’s essential security interests.
Tenoch Holdings Limited (Cyprus), Maxim Naumchenko (Russian Federation) and Andrey Poluektov (Russian Federation) had initiated arbitration proceedings against India under the bilateral investment treaties with Cyprus and Russian Federation.
On July 19, 2019, the tribunal rendered its Award in the arbitration brought by the three entities under the agreement between the Russian Federation and India for the Promotion and Mutual Protection of Investments, and the agreement between the India and the Cyprus for the Mutual Promotion and Protection of Investments.
