Unitech files application to withdraw petition from CLB
New Delhi: Realty firm Unitech on Tuesday filed an application for withdrawal of its petition from the Company Law Board (CLB) against the Norwegian telecom giant Telenor after both partners settled their disputes last week.
On October 11, Unitech had announced its exit from the telecom joint venture Unitech Wireless, which operates under the Uninor brand name, by selling its entire 32.75 percent stake to the Norwegian firm.
Telenor, which held 67.25 percent stake in the JV firm, had said that it is preparing to participate in the upcoming 2G spectrum auction through a new entity.
Telenor and Unitech had been at loggerheads ever since the Supreme Court in February cancelled Uninor's 22 telecom permits. Telenor wanted to scrap the JV and transfer the business to a new firm and get a fresh licence. Both were engaged in legal battle in courts and the Company Law Board.
The matter had also gone for an international arbitration at Singapore International Arbitration Centre following the directions of the CLB in April this year.
"Telenor and Unitech are pleased to announce that on October 10, 2012, they have reached an agreement to amicably settle all disputes between the two parties," the two firms had said in a separate but almost identical statements on October 11.
Unitech and Telenor had agreed to transfer the business in Uninor to a new entity controlled by the latter.
"Unitech has agreed to dispose of its shareholding in Uninor for a nominal amount," the statement had said, without disclosing the amount Unitech got to exit from Uninor.