Mobilewave Group PLC Update on litigation (3989G)
June 28 2012 - 8:54AM
UK Regulatory
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RNS Number : 3989G
Mobilewave Group PLC
28 June 2012
28 June 2012
MobileWave Group plc
("MobileWave" or the "Company")
Update on litigation
The Board of MobileWave wishes to update shareholders on the
state of the bankruptcy proceedings against Mr. Devin Narang
("Narang"). Counsel representing the Company attended the
Bankruptcy Division of the High Court in London yesterday. As the
Company has previously advised shareholders, Narang had until
Tuesday evening to file a defence to a bankruptcy order being made
final. It transpired that his representatives had filed a defence
which was debated at yesterday's hearing. His defence rests on
whether the court has jurisdiction over him as he, despite being a
British citizen, is non resident in the UK. His petition did not
set out that he has a judgement against him for an outstanding
payment to the Company.
Counsel for MobileWave is confident that the Company is in a
very strong position with regard to a trial to hear this matter
surrounding jurisdiction and Narang's place of residence. The
Company will file a response to Narang's defence to the court by
4:30 on 18 July 2012 and, subject to the court's availability, this
matter is being listed for the first open dates after October
2012.
While the Board is disappointed at yet another time delay, we
believe that we have a strong case and Narang will finally have to
appear in English Courts. Shareholders are reminded that we
continue to pursue execution of the judgement we have against
Narang in the Indian courts under the treaty of cooperation that
exists between the United Kingdom and India and the next court date
in this action is in August in Delhi.
The Board of MobileWave has consistently assured shareholders
that it will pursue this matter to its final conclusion and
recommits to that today.
Shareholders will be kept informed on progress with regard to
the above matter and a further announcement will be made as soon as
practicable.
For further information, please contact:
MobileWave Group plc rstear@mobilewave.com
Rory Stear, Chairman
Charles Stanley Securities 020 7149 6000
Nominated Adviser & Broker
Dugald J.Carlean / Carl Holmes
This information is provided by RNS
The company news service from the London Stock Exchange
END
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