New Delhi, April 9 -- A subsidiary of a Hong Kong-based conglomerate started arbitration proceedings against Danish logistics and port group Maersk, accusing the company of aligning with Panama in a scheme to take over its port operations on the Central American country's critical canal.

The Panama Ports Company, a unit of Hong Kong's CK Hutchison Holdings, said in a statement dated Tuesday that Maersk A/S had undermined a contract over the Hong Kong company's operations of ports at either end of the Panama Canal in order to pave the way for a new operator affiliated with Maersk to take over the Balboa terminal.

The company said the arbitration will be held in London, but didn't explain what remedy it was seeking. Company arbitration is...