Curbs on Uninor sale: Court notice to Unitech

August 21st, 2012 - 9:17 pm ICT by IANS  

New Delhi, Aug 21 (IANS) The Delhi High Court Tuesday issued notice to Unitech Ltd. on a plea by Unitech Wireless (Tamil Nadu) Pvt. Ltd. challenging a Company Law Board order restraining joint venture telecom firm Uninor from selling its business and assets.

Justice Indermeet Kaur sought the response from Unitech Ltd. by Aug 28, the next date of hearing.

Unitech Wireless (Tamil Nadu), also known as Uninor, is a joint venture telecom firm between Norway’s Telenor and realty major Unitech group.

Telecom service provider Uninor approached the high court against the order of the board dated Aug 9 restricting it from auctioning its business and assets.

Unitech, which has 32.75 percent share in the joint venture, had approached the board against Uninor’s decision to auction its assets.

The board ruling last week stymied the majority partner 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 said it will auction its business and assets to get maximum possible returns for its investors.

Telenor, which holds 67.25 percent shares in 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, include the 22 allotted to Uninor.

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