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Unitech moves CLB against telecom JV's asset auction

Unitech today filed a petition with the Company Law Board, asking it to pass an order restraining a possible auctioning or any other sale or transfer of assets of Unitech Wireless, its telecom joint venture with Norwegian giant Telenor. The petition comes close on the heels of a decision taken by the Unitech Wireless board to auction its assets with a fixed base price of Rs 4,000 crore. Unitech is the minority partner in the joint venture, while Telenor owns 67 per cent stake. “Transfer by way of auction is only a feeble attempt to malafidely colour the process of transfer of assets of ...