The argument continues. There seems to be no resolution in sight in the battle for between Hutchison Essar (HEL) and the Ruias for BPL Mobile. In the latest bout, Hutchison claims to be the owner of BPL and is disputing the Rs. 1,300 crore damages that the Ruias are demanding saying that an injunction on the sale of its shares had hurt its shareholders. [via ET]

BPL Mobile was acquired by the Ruias of Essar Group two years ago and was to be merged with Hutchison-Essar (HEL) but the deal didn’t go through as Hong Kong-based Hutchison Telecom, which had a 67 per cent stake in HEL that it sold to Vodafone earlier this year, backed out from the deal. HEL, which paid Rs 1,617 crore to Essar for the purchase of BPL Mobile, contends that Essar should move out as they have become the owner of BPL. But the Ruias of the Essar group have been refusing to transfer the shares and terminated the sale of BPL Mobile citing non-receipt of department of telecom (DoT) clearance for the merger of BPL with HEL after its share purchase agreement expired last year. HEL has of course said that termination of the agreement was illegal and that BPL Mobile shares must be transferred to them.

While the arbitration continues, we’ve got to see what is the response of the Ruias to HEL’s latest salvo. A BPL Mobile spokesperson refused to comment to ET. I must say the whole issue is quite confusing and readers having better insight are welcome to lift the fog.