CLB blocks Uninor asset sales, says intent mala fide
10 Aug 2012
The Company Law Board (CLB) has stopped telecom operator Uninor from auctioning its assets, saying its intentions were mala fide.
''I allow the application and injunct the respondent (Uninor) from taking any steps whatsoever in pursuance to the auction notice published on 1 August or similar notices that may have been published,'' CLB chairman justice DR Deshmukh said in his order.
Uninor, a joint venture telecom company between Norway's Telenor and realty major Unitech had, on 1 August, invited potential bidders to express interest by 6 August and said its majority owner, Norway's Telenor, was willing to pay Rs4,190 crore for its 30 million customers and assets in case no other bidder turned up.
Unitech, which holds a 32.75 per cent stake in Uninor, strongly opposed the move and approached the CLB against the notice.
Telenor intends to end the joint venture with Unitech and migrate its business to a new company and bid for fresh operating licences as the 22 telecom permits held by the joint venture were among the 122 quashed by the Supreme Court in February.
Uninor approached Delhi High Court, which modified the CLB stay order on the auction and allowed Uninor to receive expressions of interest till 8 August.
Meanwhile, Uninor yesterday said it would move a higher court against the CLB order that has blocked auction of its assets.
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