Regulators

Siti withdraws petition against SPN from TDSAT

Siti and Sony had some differences between them on the issue of accounting

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MUMBAI: Siti Network Ltd has withdrawn its two-year-old petition against Sony Pictures Networks Distribution India Pvt Ltd and ORS from the Telecom Disputes Settlement & Appellate Tribunal (TDSAT), stating that the parties have settled their differences.

Siti and Sony had some differences between them on the issue of accounting. While filing the petition in TDSAT, Siti had requested for an interim protection on the ground that it requires some more time to reconcile the accounts.  As per Sony, the total payable including payable for the month of December, 2017 was Rs 68.38 crore but according to the petitioner Siti the amount was much less.

Following two-years of hearings and adjournments, the parties decided to settle their differences amicably. A bank guarantee of huge amount was involved in the petition amount of which is needed for payment of salaries etc. of employees. After its encashment the petition was formally withdrawn. 

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