New Developments in the Menlo Park Case: MIC Refuses to Refund Rs 45 Million

A dramatic turn in the Menlo Park case. Almost a year after officially requesting the refund of Rs 45 million from the company based on contractual clauses, the Mauritius Investment Corporation (MIC) unexpectedly rejected the complete offer made by Menlo Park.

Through its lawyer, Hervé Duval, Menlo Park had formalized its decision in August to comply with MIC's request to refund the entire amount, in return for a permanent withdrawal of the MIC from its shareholding (the MIC owns 9.9% of the shares). "Since Rs 45 million represents the maximum recoverable amount according to the contract, Menlo Park's offer amounted to full compensation for the claimed economic damage," argued Menlo Park.

However, the MIC rejected this proposal just a few days ago. Stay tuned!