The Company Law Board (CLB), an Indian independent quasi-judicial body, has ruled against plans by mobile operator Uninor to sell off its assets in an auction.
Reacting to the decision, Uninor said in an emailed statement: “Since the CLB order has…
The Company Law Board (CLB), an Indian independent quasi-judicial body, has ruled against plans by mobile operator Uninor to sell off its assets in an auction.
Reacting to the decision, Uninor said in an emailed statement: “Since the CLB order has now been pronounced, we are able to comprehensively move our arguments towards Uninor’s assets auctions to the higher courts.”
On 1 August, the board of Uninor, which is 67.25%-owned by Norway’s Telenor and the remainder by Indian real estate company Unitech, had announced it would auction the business.
Bidders were expected to express their interest by 6 August, and Telenor confirmed it was willing to take part in the auction. But Unitech opposed the move and filed a petition with the CLB to block the sale.
On 3 August, the CLB halted any auction until a further hearing on 8 August.
However, Uninor stated, on 6 August, that a ruling from the Delhi’s High Court overturned that decision: “With today’s decision of the Honorable High Court of Delhi, Uninor is able to proceed with its steps towards the auction and seek expressions of interest as planned.”
Telenor and Unitech have been embroiled in a dispute over the management of Uninor for months, and the Norwegian company has previously said it is looking for a new partner in the JV.
