Track2Realty-Agencies: Nearly five years after venturing into telecom and investing over Rs 600 crore, Unitech decided to part ways with Telenor, its Norwegian partner in the mobile venture, paying a nominal Rs 25 crore to settle its messy dispute.
nitech on Thursday, April 12, said the Company Law Board (CLB) has accepted the firm’s plea to resolve its dispute with Norway-based Telenor through international arbitration in Singapore.
The income tax department has frozen the shares owned by real estate company Unitech Ltd in its mobile phone joint venture with Norway’s Telenor, the joint venture said on Wednesday, citing notices from the tax authorities.
The Company Law Board (CLB) has asked real estate company Unitech to decide by Monday if it wanted to buy its joint venture partner Telenor’s 67 per cent stake in telecom company Uninor or sell its 33 per cent stake to the Norwegian firm.
The Company Law Board (CLB) has issued notices to Unitech and its associates on an arbitration plea filed by its foreign partner Telenor with regard to dispute over the rights issue of Uninor.
Unitech in its petition before the CLB, in which it accused Telenor and its executives of ‘oppressive and mala-fide actions’ has offered to buy Norwegian partner Telenor’s 67.25% stake in their mobile joint venture.
The Unitech Group plans to drag global communications major Telenor to the Company Law Board citing ‘gross mismanagement’ of their joint venture mobile phone operations by the Norwegian telco.
Norwegian telecom giant Telenor has started a process to raise up to Rs.8,000 crore in its Indian joint venture with real estate developer Unitech, said a top company executive.
Unitech has told Company Law Board (CLB) that its dispute with Norwegian firm Telenor over their joint venture Uninor was fit case for arbitration.
The resolution for a dividend was blocked on Thursday, September 29, at the Annual General Meeting (AGM) of Unitech, the second-largest real estate firm in India.