The Company Law Board (CLB) on Thursday stopped Uninor, a joint venture between Norway-based Telenor and Delhi-based Unitech, from auctioning its assets.
Uninor plans to move to the high court against the CLB judgement. "Since the CLB order has now been pronounced, we are able to comprehensively move our arguments towards Uninor's assets auctions to the higher courts," said Uninor.
"I allow the application and injunct the respondent (Uninor) from taking any steps whatsoever in pursuance to the auction notice published on August 1 or similar notices that may have been published," said CLB chairman Justice DR Deshmukh.
On August 1, Uninor invited potential bidders to submit expressions of interest (EoIs) by August 6. It also said that Telenor, which owns 67.25% equity in the company, was willing to pay Rs. 4,190 crore in case no other bidder turns up. Unitech approached the CLB against the notice.
"Uninor will pursue every legal measure that gives its employees, customers and business partners a chance to continue beyond the license cancellation date. Meanwhile, Uninor's operations continue as before," said Telenor.