Unitech Moves CLB Against Uninor Plans of Selling India Biz

Unitech Moves CLB Against Uninor Plans of Selling India Biz

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New Delhi: A day after Norway's Telenor- controlled Uninor put India telecom business on auction, real estate firm Unitech today approached the Company Law Board (CLB) seeking a stay on selling the business in which it owns a third of the stake.

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 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 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.

Source: PTI
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1: scam...
Posted by:Fallen - 03 Aug, 2012