Telenor moves company law board to protect India investment
Oslo-based Telenor Group has moved the company law board to secure its investments in India following the Supreme Court order to cancel all the 22 licences of its joint venture, Uninor, with Unitech.india Updated: Feb 27, 2012 19:14 IST
Oslo-based Telenor Group has moved the company law board to secure its investments in India following the Supreme Court order to cancel all the 22 licences of its joint venture, Uninor, with Unitech.
"On Friday, Feb 24, we have moved the company law board to prevent any wrongful obstruction of our effort to secure our investments and the welfare of Uninor’s four crore customers, employees and partners," the company said in a statement Monday.
"We are not able to comment any further since this matter is now sub-judice," it added.
The telecom player has invested Rs 6,135 crore through equity and over Rs 8,000 crore in debt through corporate guarantees to build Uninor.
Uninor currently has almost 40 million customers across the country and the apex court's ruling ordering cancellation of 122 licences issued in 2008 has hit the player most.
Telenor has issued Unitech a notice, voiding the current shareholders' agreement with Unitech on "account of fraud and misrepresentation".
Telenor has also announced that it intends to form a new company through which it would carry on its mobile business in India and participate in the upcoming 2G spectrum auction.
About the new entity, Telenor has said it would also seek approval of the Foreign Investment Promotion Board (FIPB) for 74% ownership in the joint venture.