New Delhi: Norway-based Telenor Monday opposed its joint venture partner Unitech's petition before Company Law Board seeking arbitration in dispute over control of Uninor.
Unitech has moved a petition in the Company Law Board (CLB) under provisions of 'Arbitration and Conciliation Act' seeking arbitration on the ongoing dispute with Telenor, which holds about 67.25 per cent stake in the joint venture--Uninor.
Telenor opposed the Unitech petition CLB but its counsel could not complete his arguments as Company Law Board (CLB) Chairman Justice B R Deshmukh adjourned the case to Tuesday.
Before adjourning the case, CLB chairman asked Telenor the reason for their opposing Unitech move for arbitration when Norwegian firm is already in process of an arbitration (in Singapore).
The Telenor counsel made his arguments, including justifying its move to seek arbitration in progress at Singapore, saying that claims related to money cannot be made before CLB and can be only done through suit or arbitration.
The argument could not be completed and the CLB will resume hearing on the case tomorrow.
The joint venture partners have been at loggerheads over a slew of issues. Later in February, the Supreme Court cancelled 122 licences, including 22 held by Uninor.
Holding the Indian partner responsible for the breach of warranties related to the cancellation of the licenses, the Norwegian firm wanted to dump its partner, Unitech after the Supreme Court verdict.
While Telenor had requested for the "exclusion" and "removal" of Unitech MD Sanjay Chandra and his two other nominees from the "management and administrative affairs of Uninor", Unitech had asked for maintaining the status quo of Uninor, and not allowing transfer of its assets to any other company without its consent.
The warring partners have since then moved the CLB which is hearing cross-petitions filed by them.
First Published: Monday, March 26, 2012, 21:04