Unitech to reply to Telenor's plea of Rs 6,400 cr indemnity
The Delhi High Court Monday asked Unitech Ltd to respond to its joint venture partner Telenor Asia Pte's plea seeking Rs 6,400 crores as indemnity from it for the losses to be caused to it after cancellation of the 2G spectrum licenses.
New Delhi: The Delhi High Court Monday asked Unitech Ltd to respond to its joint venture partner Telenor Asia Pte's plea seeking Rs 6,400 crores as indemnity from it for the losses to be caused to it after cancellation of the 2G spectrum licenses.
Justice S Muralidhar issued notice to Indian real estate major Unitech, a partner of Norwegian firm Telenor in their joint venture Unitech Wireless Tamil Nadu Ltd, which operates under the Uninor brand and fixed the matter for hearing on October 9.
Telenor, which also sought a direction to freeze Unitech's assets, has alleged Unitech misrepresented facts before formation of their venture Uninor brand.
Uninor's 22 licences were among the 122 2G licences cancelled by the Supreme Court in February this year after it was held that their allocation by former Telecom Minister A Raja was "arbitrary and illegal."
The Norwegian firm, in its petition, alleged the majority of Unitech shares in Uninor have already been attached by the Income Tax department and it is concerned that the Indian JV partner may not have the ability to settle its claim if awarded in the arbitral proceedings being held at Singapore.
The 2G spectrum licences of the joint venture will remain valid till Jan 18, 2013 as the apex court has recently extended the deadline for fresh auctioning of radio waves.
The two firms have been at loggerheads also on differences in valuation and future funding of the joint venture.
Telenor has sought to end the joint venture with Unitech and transfer its assets and business to a new entity with a different partner, through an auction process.