CLB stays auctioning of Uninor assets
03 Aug 2012
The Company Law Board (CLB) has stayed the proposed sale by auction of Uninor's assets, after its Indian partner Unitech approached the board against majority partner Telenor's decision to auction its business and assets in India.
Unitech, which owns about 33 per cent of Uninor's equity, moved the CLB seeking a restraint on any sale or transfer of Uninor's business and assets.
''Pass an order restraining the respondents (Telenor) from taking any action in pursuance of sale and transfer of the business and/or assets of the respondent No 1 company (Uninor) in any manner,'' Unitech pleaded in its petition.
Unitech moved the CLB after Uninor on Wednesday announced plans to auction its business and assets in a move to maximise investor returns.
Uninor had set a minimum price of Rs4,000 crore for the India telecom business and said Telenor would pay Rs4,190 crore in case no other bidder evinces interest by 6 August.
The CLB bench headed by its chairman Justice D R Deshmukh had on Thursday directed that Unitech's application be listed for hearing on Friday.