Court modifies CLB order on Unitech auctionAugust 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.
- Curbs on Uninor sale: Court notice to Unitech - Aug 21, 2012
- Company Law Board stays Uninor's proposed asset auction - Aug 03, 2012
- Uninor moves Delhi High Court against CLB order - Aug 14, 2012
- Uninor to auction business and assets - Aug 01, 2012
- Telenor-Unitech case referred to international arbitration - Apr 12, 2012
- Telenor, Unitech move Company Law Board to protect interests (Lead) - Feb 27, 2012
- Company Law Board suggests mediation to Telenor, Unitech - Mar 01, 2012
- Company Law Board restricts Uninor from auctioning assets - Aug 09, 2012
- Court seeks Unitech Wireless reply on Telenor plea - Jun 20, 2012
- Telenor confident of roping in new partner before auction - May 31, 2012
- Unitech opposes Uninor's proposed rights issue - Jul 25, 2012
- Telenor in talks with domestic firms to continue India service - Apr 20, 2012
- Income tax department attaches Unitech shares in Uninor - Mar 28, 2012
- Telenor moves company law board to protect India investment - Feb 27, 2012
- Telenor writes down remaining Indian assets worth $680 mn - Apr 30, 2012
Tags: assets, auction, bidders, delhi high court, eoi, expression of interest, expressions of interest, extent, intention, joint venture, kaur, keen interest, New Delhi, norwegian firm, petition, raja, telecom service provider, telenor, tenure, unitech