Indian real estate conglomerate Unitech has turned to the Company Law Board (CLB), in an attempt to prevent Norway’s Telenor from transferring the assets of their mobile JV Uninor to a new company.
This is according to The Economic Times, which…
Indian real estate conglomerate Unitech has turned to the Company Law Board (CLB), in an attempt to prevent Norway’s Telenor from transferring the assets of their mobile JV Uninor to a new company.
This is according to The Economic Times, which cites sources close to the matter. Telenor and Unitech did not respond to requests for comment before the press deadline.
Telenor was reportedly looking to secure board approval on 23 May for the transfer of assets but has now been asked to file a response by 17 May regarding Unitech’s move.
Unitech argues that Telenor cannot seek board approval because the dispute between the two companies has to be resolved through international arbitration.
Telenor and Unitech have been embroiled in a dispute over the management of Uninor for several months. This culminated when the JV had its 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 the CLB to seek resolution on the dispute. A few weeks later, in mid-April, the CLB allowed Unitech to seek arbitration in the case, a move contested by Telenor.
