You are here: Home » PTI Stories » National » News
Business Standard

Unitech moves CLB against Uninor plans of selling India biz

Press Trust of India  |  New Delhi 

Unitech in its application requested CLB to stay the auction in which Telenor may possibly be the only bidder.

It also sought a restraint on any sale or transfer of Uninor's business and assets.

"Pass an order restraining the respondents (Telenor) from taking any action in pursuance of sale and transfer of the business and/or assets of the respondent No 1 company (Uninor) in any manner," said the real estate firm in its petition.

Uninor has set a minimum price of Rs 4,000 crore for the India telecom business and said Telenor would pay Rs 4,190 crore in case no other bidder evinces interest by August 6.

Telenor wants to scrap the joint venture with Unitech and migrate its business to a new company to seek fresh operating licences as the JV's 22 telecom permits were among the 122 quashed by the Supreme Court in February.

Uninor yesterday had said it wanted to auction the company's business, including its assets, while it is a going concern before the September 7 deadline set by the apex court for winding up of operations of all the firms whose licences had been cancelled.

Unitech, which holds 32.75 per cent stake in Unitech Wireless Pvt Ltd that operates under the Uninor brand, further requested the CLB to restrain Telenor and its associates from giving any effect to the auction process, for which notices were published in newspapers yesterday.

"Pass an order restraining the Respondents from taking any step whatsoever in pursuance of the 'Auction Notice' published on August 1, 2012," Unitech said in its application.

Unitech's application was mentioned today before a CLB bench headed by its Chairman Justice DR Deshmukh, who directed it to be listed for hearing tomorrow. MORE

Dear Reader,

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.

Digital Editor

First Published: Thu, August 02 2012. 18:05 IST