Court allows Telenor JV to seek interest for assets

Delhi High Court on Monday ruled that Telenor's local joint venture can seek interests from potential bidders for a planned auction of its assets, a spokesman for the JV said, while the country's Company Law Board is hearing a case challenging the auction.

The joint venture, which operates under the Uninor brand, had invited potential bidders to express interest by August 6 and said its majority owner, Norway's Telenor, was willing to bid in the auction.

But the Company Law Board, a quasi-judicial body, had on Friday ordered the JV to not proceed with the auction until its next hearing scheduled for August 8, after the Norwegian carrier's minority Indian partner Unitech Ltd sought to stop the auction.