Telecom operators seek bank guarantee from Uninor for dues

Norwegian telecom firm Uninor on Wednesday told the Company Law Board (CLB) that telecom operators with whom it has an interconnect agreement are asking a bank guarantee for payments. An interconnect agreement allows transmission and receipt of calls from other network. “Because of uncertainty, other operators with whom we have interconnect agreement are asking for bank guarantees,” Uninor counsel told the CLB. Like Telenor, its Indian telecom firm Uninor also opposed company’s minority partner, Unitech’s plea to resolve issue of stake sale through arbitration. “Arbitrator can not decide on these urgent requirement of funding,” Uninor counsel said.

Unitech had moved a petition in the CLB under provisions of the ‘Arbitration and Conciliation Act’, seeking arbitration on the ongoing dispute with Telenor, which holds about 67.25 per cent stake in the joint venture — Uninor. The partners have been at loggerheads over a slew of issues.