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.
The anti-monopoly regulator Competition Commission of India (CCI) has dismissed the plea of two individuals against the realty company Unitech alleging that Unitech failed to fulfill its obligation by not handing over the possession on time and therefore violated section 4 of the Competition Act (2002) by abusing its dominant position.
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.
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 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.
Unitech Ltd said on Monday, Dec 12, it has put on hold a plan to expand its infrastructure business and withdrawn another to merge two of its subsidiaries due to poor macroeconomic scenario.
International agency Fitch Ratings has withdrawn ratings for various debt programmes for two listed real estate companies — Unitech and Parsvnath Developers Ltd — from its coverage.
Unitech Ltd reported a 47 per cent fall in its net profit for the second quarter ended September 30 on the back of rising input cost and interest rate hike, among other factors.
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.