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HC defers hearing on Unitech Wireless' plea on its sale

Last Updated: Tuesday, August 28, 2012 - 20:06

New Delhi: The Delhi High Court on Tuesday deferred its hearing on Unitech Wireless (Tamil Nadu) Pvt Ltd's plea against a Company Law Board (CLB) order, which has restrained the joint venture firm between Norway's Telenor and India's Unitech Ltd from selling its business and assets.

"I am fixing it for hearing on September 17, 18 and 19," said Justice Indermeet Kaur, while deferring the hearing of the plea of the joint venture firm, also known as Uninor.

The court postponed the hearing after it was submitted that there was no urgency as the Supreme Court has already extended the deadline to January 11 for the Centre to conclude the auction process for the grant of 2G spectrum licenses.

Justice Kaur had issued notice to Unitech Ltd on August 21 on Uninor's plea against the CLB order restraining the JV telecom firm from selling its business and assets.

Uninor had moved the court against the August 9 order of the CLB, which had stopped it from auctioning its assets.

Unitech Ltd, which holds 32.75 percent stake in Uninor, had earlier moved the CLB and had sought stopping of the sale fearing that Norwegian firm Telenor may be the only bidder in auction. The CLB had allowed the plea.

Uninor earlier on August 1 had invited potential bidders to express their interests by August 6 and said its majority owner Telenor was willing to pay Rs 4,190 crore for its 30 million customers and assets in case no other bidder turns up.

Unitech Ltd had claimed that the motive behind the asset sale was mala fide and Telenor wanted to "annihilate" the company and take over the assets.

While Telenor wants to scrap the joint venture, Unitech has opposed the move and has said the Norwegian company cannot unilaterally scrap the agreement.

Uninor's 22 2G telecom licenses were among the 122 cancelled by the Supreme Court in February.


First Published: Tuesday, August 28, 2012 - 20:06
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