Company Law Board restricts Uninor from auctioning assetsAugust 9th, 2012 - 7:39 pm ICT by IANS
New Delhi, Aug 9 (IANS) The Company Law Board (CLB) Thursday restricted Uninor from auctioning its business and assets.
“I allow the application and injunct the respondent (Uninor) from taking any steps whatsoever in pursuance to the auction notice published on Aug 1 or similar notices that may have been published,” Justice D.R. Deshmukh, CLB chairman, said in his order.
The Delhi High Court had earlier allowed Uninor to invite bids for selling its assets. It had, however, asked the CLB to decide the matter on merit, saying that nothing will be confirmed till then.
Unitech, which has 32.75 percent share in the joint venture with Norway’s Telenor, had approached the CLB against Uninor’s decision to auction its assets.
Reacting to the CLB order, Uninor said: “Since the CLB order has now been pronounced, we are able to comprehensively move our arguments towards Uninor’s assets auctions to the higher courts.”
“As we have said earlier, Uninor will pursue every legal measure available that gives its employees, customers and business partners a chance to continue beyond the license cancellation date,” it said in a statement.
Thursday’s ruling stymied Telenor’s efforts to get Uninor’s business transferred to a new entity and bring in another Indian partner before the upcoming 2G spectrum auction.
- Uninor moves Delhi High Court against CLB order - Aug 14, 2012
- Curbs on Uninor sale: Court notice to Unitech - Aug 21, 2012
- Court modifies CLB order on Unitech auction - Aug 06, 2012
- Company Law Board stays Uninor's proposed asset auction - Aug 03, 2012
- Uninor to auction business and assets - Aug 01, 2012
- Telenor, Unitech move Company Law Board to protect interests (Lead) - Feb 27, 2012
- Telenor-Unitech case referred to international arbitration - Apr 12, 2012
- Telenor to form new company for India operations - Feb 21, 2012
- Uninor slams Unitech, says auction will ensure transparency - Aug 01, 2012
- Unitech opposes Uninor's proposed rights issue - Jul 25, 2012
- Company Law Board suggests mediation to Telenor, Unitech - Mar 01, 2012
- Telenor confident of roping in new partner before auction - May 31, 2012
- Telenor moves company law board to protect India investment - Feb 27, 2012
- Court seeks Unitech Wireless reply on Telenor plea - Jun 20, 2012
- Unitech moves company law board against Telenor - Oct 11, 2011
Tags: 2g, assets, auction notice, auctions, business partners, clb, company law board, delhi high court, deshmukh, indian partner, joint venture, license cancellation, New Delhi, norway, respondent, spectrum auction, telenor, unitech