Batelco Group, the Bahrain-based international telecommunications group with operations across 14 countries, has  obtained freezing orders from the Madras High Court in India against certain assets of Chinnakannan Sivasankaran (Siva) and his related parties.

The value of the assets frozen by such orders is estimated to be approximately Rs 500 crore ($74 million).

The related parties include Sivasankaran's ex-wife Jayalakshmi Sivasankaran, his father R C K Vallal, his mother Chinnakannan Chandrammal, his long-term associates Baskaran, Nithyavathi Venkatesan and his related company, Siva Limited, said a statement.

The orders made by the court are intended to pay down a substantial UK judgment that was awarded to BMIC Limited (a fully owned subsidiary of Batelco) by the English High Court of Justice totaling $212 million in June 2014, it said.

The UK Judgement was awarded against Siva and Siva Limited, following BMIC's successful litigation against them. The UK Judgment found that the defendants failed to honour a settlement agreement signed with BMIC in November 2011, relating to a commercial venture into which such parties had entered in 2009. According to the UK Judgment, full payment should have been made to BMIC by the defendants by June 26. To date the defendants have failed to pay such sum to BMIC.

Ihab Hannawi, Group CEO of Batelco said: "We fully expect all of the respondents to honour the Indian court orders and pay to BMIC the monies owing to it under the UK judgement. We will pursue all legal avenues available to us against such parties to secure this outstanding payment."

Going into the history of the case, the statement said BMIC acquired a 42.7 per cent stake of Indian registered S Tel in 2009. S Tel had been awarded a 2G Licence in 2008. Following the cancellation of 2G licences by India's Supreme Court in February 2012, BMIC sought to implement an agreed put option which under certain circumstances, such as the cancellation of its 2G licence, or in the event of a failure of Siva to secure financing, would ensure Siva bought back the shares acquired by BMIC at the price paid originally.   BMIC and the defendants entered into the binding settlement agreement to give effect to this commitment which contained a promise by Sivasankaran and Siva Limited to make payment to BMIC in agreed circumstances, the statement added.