Court modifies CLB order on Unitech auction

August 6th, 2012 - 7:22 pm ICT by IANS  

New Delhi, Aug 6 (IANS) The Delhi High Court Monday modified a Company Law Board (CLB) order and allowed Uninor, a joint venture of Norwegian firm Telenor and Unitech Group, to receive the expressions of interest (EoI) from bidders interested in purchasing the assets of telecom service provider till Aug 8.

Uninor moved the high court against the Aug 3 CLB order, staying its plans to auction its business and assets.

Justice Indermeet Kaur, who heard the matter, said: “I am modifying the order of the Company Law Board to the extent that the date to receive the expression of interest (the intention to purchase) from the bidders is extended till Aug 8.”

The court also said that the CLB, which is due to hear the matter Aug 8, will decide the petition on merit.

The decision of CLB, staying the auction followed an application filed by Unitech, which has 32.75 percent share in Uninor, the joint venture with Telenor.

Uninor had said it will auction its business and assets to get maximum possible returns for its investors.

Norway’s Telenor, which holds 67.25 percent shares in the joint venture Uninor, had shown keen interest to buy the company.

The dispute between the two companies escalated after the Supreme Court in February scrapped 122 2G licences allotted during the tenure of telecom minister A. Raja.

The quashed licences include the 22 allotted to Uninor.

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