Income tax department attaches Unitech shares in UninorMarch 28th, 2012 - 8:48 pm ICT by IANS
New Delhi, March 28 (IANS) Mobile service provider Uninor Wednesday said the income tax department had “attached” shares owned by Unitech in its joint venture with Norway’s Telenor company.
“Uninor is in receipt of notices from the Income Tax department stating that the shares owned by Unitech Ltd, through their companies Acorus, Cestos and Simpson, in our company have been attached,” the company said in a statement.
Uninor clarified that the action of the tax department would not have any affect on its operations in the country.
Telenor and Unitech have been at loggerheads even before the Supreme Court ordered cancellation of 122 telecom licences including 22 owned by their joint venture.
The companies have even taken their issues to the Company Law Board.
According to reports, Unitech has sought about $150 million from Telenor to sell its 32.7 percent stake in the joint venture.
Telenor holds 67.25 percent stake in the venture and has spend almost $3 billion in India. The firm Tuesday said it will seek compensation for its investment if the license issue is not settled by the Indian government.
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- 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
- Unitech opposes Uninor's proposed rights issue - Jul 25, 2012
- Company Law Board suggests mediation to Telenor, Unitech - Mar 01, 2012
- Telenor-Unitech case referred to international arbitration - Apr 12, 2012
- Telenor to form new company for India operations - Feb 21, 2012
- Telenor's failure will hit India's image: Norwegian minister - May 12, 2012
- Telenor confident of roping in new partner before auction - May 31, 2012
- Telenor in talks with domestic firms to continue India service - Apr 20, 2012
- Telenor, Unitech move Company Law Board to protect interests (Lead) - Feb 27, 2012
- Telenor asks Sanjay Chandra to step down as Unitech Wireless chief - Apr 20, 2011
- Uninor moves Delhi High Court against CLB order - Aug 14, 2012
- Court seeks Unitech Wireless reply on Telenor plea - Jun 20, 2012
Tags: cancellation, company law board, income tax department, India, indian government, joint venture, loggerheads, mobile service provider, New Delhi, norway, percent stake, receipt, supreme court, telecom, telenor, unitech ltd