Etisalat DB to pay salary to employees

Etisalat DB said that it has started process to pay salary to its employees after getting approval from Bombay High Court.

Last Updated: Mar 28, 2012, 22:39 PM IST

New Delhi: Telecom operator Etisalat DB (EDB) Wednesday said that it has started process to pay salary to its employees after getting approval from Bombay High Court.

“...the Bombay High Court has Wednesday approved the payment of salaries of Etisalat DB and payments are currently under process. All staff will receive their salaries as quickly as possible," Etisalat DB said in a statement.

A couple of days ago, Etisalat DB informed its close to 600 employees that it would no longer pay its employees (or any creditor for that matter) without the approval of the Court or a liquidator approved by the Court.

EDB has announced winding up its operation in India following Supreme Court which cancelled 122 2G licences including 15 licences of the company.

UAE based telecom company Etisalat, which holds close to 44.7 percent in the company, has filed proceedings in the Bombay High Court for the winding up of EDB and to put the
company into a proper and transparent legal process in which all creditors can participate fairly, for a liquidator to oversee the orderly winding up of the company.

Indian firm Majestic Infracon holds around 45.7 percent in EDB.

PTI