Unitech may stop Telenor's new plan | india | Hindustan Times
Today in New Delhi, India
Jan 17, 2017-Tuesday
New Delhi
  • Humidity
  • Wind

Unitech may stop Telenor's new plan

india Updated: Mar 30, 2012 22:57 IST
HT Correspondent
HT Correspondent
Hindustan Times
Highlight Story

Unitech, a joint venture partner in Unitech Wireless (Tamil Nadu) Pvt Ltd and Norway-based Telenor that operates services under Uninor brand, on Friday filed a petition in a local court under Section 9 of the Arbitration and the Assets of Conciliation Act, seeking to restrain Telenor's possible entry into the telecom business in direct competition with Uninor.

"We confirm that Unitech Ltd has moved an arbitration application under Section 9 in court restraining Telenor from participating in any manner or being financially interested, in any other project which competes with the business of Uninor. Unitech has further sought injunction against the transfer of business (of Uninor) by Telenor to a new entity. This is a step taken to protect Unitech's investment in telecom business," said a Unitech statement.

Unitech, which holds a 32.75% stake in Unitech Wireless (Tamil Nadu) pvt Ltd, and Telenor are fighting bitter legal battle over the proposed rights issue.

Following cancellation of its licences, Telenor, which owns the rest 67.25% equity has accused Unitech of breach of warranties and sought damages.

On February 2, the Supreme Court ordered cancellation of 122 licences issued on or after January 10, 2008. This included Uninor's 22 licences.