Company Law Board stays Uninor’s proposed asset auctionAugust 3rd, 2012 - 8:31 pm ICT by IANS
New Delhi, Aug 3 (IANS) The Company Law Board (CLB) Friday ordered telecom service provider Uninor not to proceed with its plan of auctioning its assets.
The CLB will hear the case again Aug 8.
The decision followed an application filed by Unitech, which has 32.75 percent share in Uninor, the joint venture with Telenor.
Uninor Wednesday said it will auction its business and assets to get maximum possible returns for its investors. The company had also invited bids till Aug 6.
Norway’s Telenor, which holds 67.25 percent shares in Uninor, had shown keen interest to buy the company.
“It is unfortunate that the stay has been granted. Uninor will pursue every legal measure available to it in the Indian courts to secure the interests of the company’s creditors, customers and employees,” Uninor said in a statement.
It also said that the company’s operations will, meanwhile, continue as before as this process has no impact on them.
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- Telenor, Unitech move Company Law Board to protect interests (Lead) - Feb 27, 2012
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- Unitech opposes Uninor's proposed rights issue - Jul 25, 2012
- Income tax department attaches Unitech shares in Uninor - Mar 28, 2012
- Telenor confident of roping in new partner before auction - May 31, 2012
- Court seeks Unitech Wireless reply on Telenor plea - Jun 20, 2012
- Telenor asks Sanjay Chandra to step down as Unitech Wireless chief - Apr 20, 2011
- Telenor in talks with domestic firms to continue India service - Apr 20, 2012