Telenor, Unitech move Company Law Board to protect interests (Lead)

February 27th, 2012 - 11:15 pm ICT by IANS  

New Delhi, Feb 27 (IANS) Norway-based Telenor and India’s Unitech, partners in telecom service provider Uninor, have separately moved the Company Law Board (CLB) to protect their individual interests following the Supreme Court order to cancel all the 22 licences of the joint venture.

Telenor, which has declared that it intends to form a new company through which it would carry on its mobile business in India and participate in the upcoming 2G spectrum auction, Friday filed a petition with the CLB, the company said Monday.

“On Friday, Feb 24, we have moved the Company Law Noard to prevent any wrongful obstruction of our effort to secure our investments and the welfare of Uninor’s four crore customers, employees and partners,” it said in a statement.

“We are not able to comment any further since this matter is now sub judice,” it added.

Hitting back at Telenor, Unitech Monday also filed a fresh petition in the CLB in order to prevent Telenor from assuming full control over the business, including assets of Uninor.

“Unitech is equally sensitive to the interests of customers, employees, and other stakeholders of Uninor but will continue to resist any mala-fide or unilateral action by Telenor,” the company said in a statement.

“Consequently, Unitech has filed a fresh petition in the CLB today (Monday) to enforce its rights under the articles of Uninor and to prevent Telenor from assuming full control over the business, including assets of Uninor,” it added.

Unitech also said, “Telenor is trying to rescind the shareholders’ agreement and annul the articles of Uninor only to get out of certain protective provisions for the minority shareholders including the non-compete provision.”

The firm accused Telenor of trying to push Unitech out of Uninor to assume entire control over Uninor even prior to the Supreme Court’s order to cancel 122 telecom licences issued in 2008.

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