The dispute between Norway’s Telenor and Indian real estate group Unitech over the management of their mobile JV Uninor has been referred to international arbitration in Singapore.
India’s Company Law Board has allowed Unitech to seek…
The dispute between Norway’s Telenor and Indian real estate group Unitech over the management of their mobile JV Uninor has been referred to international arbitration in Singapore.
India’s Company Law Board has allowed Unitech to seek arbitration in the case, according to a Telenor company statement.
Reacting to the decision, Telenor said: “We are yet again surprised at the order of the [Company Law Board]. We will certainly challenge this order in a higher court, as we have successfully done on matters earlier… Our intention remains to establish a new company as a platform for the future and transfer all Uninor assets, employees and customers to it.”
Telenor and Unitech have been entangled in a dispute over the management of Uninor for several months now. This culminated when the JV had 2G licences revoked in early February as part of the Supreme Court’s 2G scam ruling.
Shortly after, Telenor blamed Unitech for the licence cancellation and announced it was looking for a new partner in Uninor. It also said it would transfer the JV to a new entity.
In late February, both sides decided to appeal to India’s Company Law Board to seek resolution on the dispute.
