Unitech Ltd, Telenor's minority partner in its Indian mobile telecoms joint venture, has filed a petition with the country's Company Law Board seeking to stop the joint venture company from auctioning off its assets, a Unitech spokesman said on Thursday.
In an auction notice on Wednesday, the joint venture, which operates under the Uninor brand, invited potential bidders to express interest by Aug 6 and said its majority owner Telenor was willing to bid in the auction.
The company law board is a quasi-judiciary body.
Unitech had already said on Wednesday it would take legal action against the planned auction of assets.
Telenor and property company Unitech fell out after their joint venture's operating permits were revoked under an order by by India's Supreme Court to recall the regional radio spectrum licences awarded to the joint venture and a number of its rivals in a scandal-tainted 2008 sale.
Telenor has blamed Unitech for losing the current licences and is seeking to scrap the joint venture. It has said it would either leave India or buy out Unitech and migrate the business to a new entity to buy fresh permits under a new round of licensing.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.