KARACHI, Feb 2 Telecard Limited — the stock market listed company — brushed aside on Tuesday rumours about the cancellation of its WLL licences and affirmed that those were very much intact.

Sameer Danawala, Equity sales dealer at JS Global, observed in an evening report that Telecard's announcement about WLL licences being in place “was a key announcement today.”

Other than that, in the same notice to the stock exchanges, Telecard stated that the International Chamber of Commerce (ICC) International Court of Arbitration had pronounced a decision in favour of the company in the Arbitration initiated by two companies owned by Qatar Telecom.

The arbitration pertained to Telecard's decision made in February 2008 to back out of a joint venture agreement (JVA) “due to lack of certain external approvals.”

The information was provided to the bourse by Telecard on Tuesday, under the 'material information' clause of corporate governance, applicable to all companies listed on the stock exchanges.

The ICC International Court of Arbitration is a forum for resolution of commercial disputes set up under the International Chamber of Commerce (ICC).

The court is helpful in arbitration of commercial disputes, especially in international transactions, to avoid lengthy and expensive litigation in multiple jurisdiction.

According to Telecard notice to the stock exchange, the Qatar Telecom owned company “itself chose to file a claim under the arbitration clause for performance of the Joint Venture Agreement (JVA) and for damages against Telecard before the ICC International Court of Arbitration.”

The company stated that it agreed to refer the disputes before the court, which set up an arbitration tribunal in July 2008, “Hearings and final arguments were concluded in Singapore by February 2009,” said the Telecard notice.

On Jan 7 this year, the Tribunal was stated to have pronounced “Telecard's position as valid and in accordance with the applicable law.”

It also ordered the other party to pay to the company more than Rs15 million as cost of Arbitration.