No decision in Uninor meeting on Chandra's replacement

Unitech Wireless, a joint venture between realty firm Unitech and Norway's Telenor, today failed to take a decision on replacing Sanjay Chandra-- who has been arrested in the 2G spectrum case-- as chairman.

Unitech Wireless held a board meeting to discuss various issues, including appointment of a new chairman. After the meet, the company spokesperson, however, said, "No significant decision was taken at the board meeting today."

This means Chandra continues to be the chairman of Unitech Wireless, which offers mobile services under the brand Uninor.

Earlier, Norwegian firm Telenor had asked Chandra, who is in the CBI custody facing various telecom and licence-related charges, to step down from the post till he gets a clean chit.

The Central Bureau of Investigation (CBI) has named Chandra and Unitech Wireless, prior to the entry of Telenor, in its chargesheet as part of investigations into irregularities in the allocation of 2G spectrum and licences.

Earlier the company sources had indicated that Atul Malhotra of Unitech as a probable candidate to replace Chandra.

When asked about reasons for not taking any decision at its board meeting, the spokesperson declined to comment.

Chandra, along with other corporate honchos, was arrested last week after the CBI Special Court denied them bail.

Meanwhile, CBI sources today said that a joint team of the CBI and the Enforcement Directorate would soon go to Mauritius and Cyprus looking for money trail in the 2G scam.

The other issue which was to be discussed was the right issue by Telenor on which Unitech had obtained a stay.

The Board of Directors of Uninor had decided to initiate the process of a rights offer to meet Uninor's funding requirements. Telenor further approached court to vacate the stay.

The matter is sub-judice and is due for hearing on May 15.