Atul Chopra has prosecuted an action against Tecnotree in Court of Arbitration in Singapore
Stock Exchange Release
12 March 2013 at 3.00 pm EET
Tecnotree has received an action prosecuted by Atul Chopra and Aparna, a company close to him, in a court of arbitration in Singapore which claims that Tecnotree has failed to honor the Settlement Agreement dated 21 February 2011 reached with Atul Chopra. Atul Chopra and Aparna request indemnity of about EUR 1.1 million
In October 2011 Tecnotree received an execution order by High Court of Delhi whereby Atul Chopra claimed the same. According to the decision of the High Court of Delhi in July 2012, all disputes relating to the Settlement Agreement shall be resolved in arbitration in Singapore, as pleaded by Tecnotree. In September 2012 Division Bench of the High Court of Delhi dismissed the appeal made by Atul Chopra regarding the High Court of Delhi’s decision in July.
Tecnotree denies the presented claims by Atul Chopra and is initiating legal actions in order to protect its rights.
Kaj Hagros, President and CEO, tel. +358 40 849 1749
NASDAQ OMX Helsinki Ltd.
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps communications service providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetise service bundles, provide personalised user experiences and augment value throughout the customer lifecycle. With over 1100 telecom experts, Tecnotree serves more than 100 service providers in over 70 countries. Tecnotree is listed on the main list of NASDAQ OMX Helsinki with the trading code TEM1V. For more information on Tecnotree, please visit www.tecnotree.com