Delhi High Court extends date for receiving EoI for Uninor assets
07 Aug 2012
Uninor's proposal for auctioning its business and assets saw another twist yesterday with the Delhi High Court modifying a Company Law Board (CLB) order and allowing the company to receive the expressions of interest (EoI) from bidders.
The company had moved the High Court against CLB's 3 August order that had stayed its plans for the auction of its business and assets.
Uninor is a joint venture between Unitech Group and Norwegian firm Telenor. The Delhi High Court has allowed bidders interested in purchasing the assets of Uninor to submit applications till 8 August.
Justice Indermeet Kaur, who heard the matter, said: "I am modifying the order of the Company Law Board to the extent that the date to receive the expression of interest (the intention to purchase) from the bidders is extended till 8 August."
The CLB, which was due to hear the matter on 8 August, would decide the petition on merit, the court added.
The board had stayed Uninor's auction after Unitech filed an application against the same. Unitech, which has a 32.75 per cent share in the company is a minority stakeholder.
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