Unitech seeks injunction on Telenor plans
31 Mar 2012
Realty firm Unitech is seeking an injunction against the plans of Norwegian partner Telenor to transfer joint venture Uninor to a new entity. The company has moved a district court in Gurgaon, in the matter.
The petition, filed under Section 9 of the Arbitration and the assets of Conciliation Act, also seeks to restrain the possible entry of Telenor into telecom business in direct competition with Uninor.
''We confirm that Unitech Ltd has moved an arbitration application... restraining Telenor from participating in any manner or being financially interested, in any other project which competes with the business of Uninor,'' Unitech said in a statement.
It added ''Unitech has further sought injunction against the transfer of business (of Uninor) by Telenor to a new entity''.
Unitech, with a 32.75-per cent stake in Uninor, is seeking directions from the court restraining Telenor from ''acting in contravention'' of the shareholders agreement.
The Norwegian company holds a 67.25-per cent stake in Uninor, which is among the 122 telecom companies whose licences were cancelled by the Supreme Court last month. (See:- SC cancels all 2G licences, orders fresh spectrum auction).
Following the Supreme Court's order Telenor is seeking damages from Unitech whom it accuses of breach of warranties. The one-time partners have already moved the Company Law Board to seek the resolution of pending issues.