Siva then moved on. One of the companies to get controversy ridden licences under A Raja, the Telecom Minister, was STel. It had got six circles: Orissa, Bihar, Himachal Pradesh, Northeast, Assam and Jammu and Kashmir. Siva had acquired 51 per cent of it. Batelco bought 49 per cent in STel in for `1, crore. By then, opposition to the allotment of inexpensive spectrum had gathered momentum. Raja was removed. Several people, including Raja, were taken into custody. Finally, in February , the Supreme Court cancelled all the licences allotted by Raja. STel, which had about million subscribers in five circles, had no option but to shut shop. That is when BMIC, which owned per cent in the company, invoked the “put” option under which in an exigency like this Siva had to buy out its stake at the price at which it had been bought: $ million. BMIC says Siva never paid up.
From Wikipedia, the free encyclopedia
C. Sivasankaranis the Chairman of Siva Group(Sterling group), Siva Industries & Holdings Limited [ultimate holding company] and Siva Ventures Ltd. He has a net worth of more than $4 billion. He heralded the PC revolution in India in the 80s, when he launched PCs at one third of the prevailing cost; pioneered the mobile revolution in the 90s; was the first to introduce DSL and Wi-Max broadband technologies in India. He is currently the group chairman of Siva Ventures Ltd that owns 33 companies across a diversified spectrum of industries all over the world including WinWind Oy, STel, JBUS (Shipping Conglomerate), Siva Realty and a number of other companies.[1]He is known to keep an extremely low public profile and has rarely given public interviews. Little is known about him except for his big bang approach to life. He is known to live out of the most expensive presidential suites around the world and owns a large fleet of private planes and yachts.[2]
[edit]Early life
Sivasankaran was born in Chennai, India. CS entered the management of his fathers Fabrication & Engineering business He shot to fame when he bought Ster
Chinnakannan Sivasankaran, the President and Chairman of Siva Group, introduced the mobile service package in Chennai which was the first most venture out of the entire country. Mr. C. Sivasankaran is the owner of Aircel Televenture and WinWinD, a Finland based Wind Turbine Company. His Siva group was formerly known as Sterling Group of Companies founded by Chinnakannan Sivasankaran in the year
His venture into the Computer business was a milestone in the technological arena of India, even the computer giants like IBM and Apple were not finding any king of market on that time period. His company sold Personal Computers for Rs 30,, which was comparatively very much lower than other PC’s that costs around one lakh in that period.
Mr. C. Sivasankaran imported tech parts of the computer from other low profile manufacturers like South Korea and Singapore, assembled it here and named it as Siva PCs. On a controversial issue he mentioned to the press that his company named the PCs only after Lord Shiva and not his own name.
Mr. C. Sivasankaran was twice honored as the Entrepreneurial Spirit by the President of India. His Siva group of companies based their business into man
Multimillionaire Seychellois businessman of Indian origin declared bankrupt by Seychelles court
(Seychelles News Agency) - Naturalized Seychellois of Indian origin, the multimillionaireChinnakannan Sivasankaran, better known in Seychelles as 'Siva,' has applied to the island nation’s Supreme Court for bankruptcy protection, to avoid a claim by its telecommunications partner, the Batelco Group, based in Bahrain, according to an article published yesterday in Indian newspaper ‘The Times of India’.
In June this year, the High Court of Justice of England ruled in favour of Batelco ordering Sivasankaran to pay the sum of $million which Batelco was claiming on its investment in Indian telecommunications company, S Tel.
“The year-old Sivasankaran, or Siva as he is referred to in business circles, filed for insolvency in a court in Seychelles early August,” read the article adding that the Seychelles Supreme Court recognized that Siva was insolvent on August 26 (last Wednesday) and has since appointed a receiver.
The acting Chief Justice of the Seychelles Supreme Court Durai Karunakaran confirmed to SNA in a phone interview that he had reached a verdict in this case.
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