Telenor-Unitech deal under government scanner: report
20 Sep 2010
The ministry of corporate affairs has ordered an investigation into Telenor's acquisition of a majority stake in Unitech Wireless Ltd, reports quoting ministry officials said.
The ministry has asked the regional director and Registrar of Companies (RoC) North to look into the details of Norwegian company Telenor ASA 's investment in Unitech Wireless Ltd, the report said.
The RoC will thoroughly investigate whether Unitech disposed of the 2G licences completely or partially as also how Unitech acquired the licences.
Telenor is reported to have invested in new shares of Unitech Wireless (now Uninor) and not through acquisition of existing shares of Unitech Wireless.
Unitech, which acquired telecom licences and spectrum for Rs1,651 crore sold around 67 per cent stake to Telenor for around Rs11,000 crore.
The ministry ordered the enquiry to check any anomaly in the investment by Norway-based Telenor Group in the company.