Norwegian telecom operator Telenor has said it will “present the facts in this new legal initiative taken by Unitech”, after the latter reportedly accused Telenor of mismanaging their Indian telecoms joint venture Uninor.
Reuters wrote that the…
Norwegian telecom operator Telenor has said it will “present the facts in this new legal initiative taken by Unitech”, after the latter reportedly accused Telenor of mismanaging their Indian telecoms joint venture Uninor.
Reuters wrote that the accusations were made in a petition before the Company Law Board. Unitech did not immediately respond to requests for comment.
Telenor currently owns 67.25% of shares in Uninor, while the rest is held by Indian real estate company Unitech.
This statement further highlights the tension between the two companies. Earlier this year, Uninor’s rights issue was brought to a halt after Unitech reportedly claimed that the transaction was not in the best interests of the shareholders.
But in September, media reported that the Punjab and Haryana High Court ruled that Uninor could go ahead with its proposed rights issue.
In a statement yesterday, Telenor said: “The simple case here is that the Uninor board, having followed prescribed processes, has asked its owners to invest more in the company in the absence of bank loans. We continue to urge Unitech to join us in meeting this shared responsibility towards the company.”
Uninor has been under fire amid the country’s 2G scandal. In April, Telenor asked Sanjay Chandra, the former chairman of Uninor to resign after he was named by the Central Bureau of Investigation (CBI) in relation to the scam.
In a statement at the time, Telenor said: “The Central Bureau of Investigation (CBI) charge sheet names the managing Director of Unitech, Sanjay Chandra, and also names Unitech Wireless for actions when it was a fully owned Unitech company, prior to Telenor Group entering India.”
