Uninor plans to auction telecom biz
2 Aug 2012 9:24 AM GMT
Norway's Telenor-controlled Uninor on Wednesday said it will auction all of its telecom business before 7 September when the company becomes unoperational, a move strongly opposed by the firm's minority stakeholder Unitech.
Telenor, which holds 67.25 per cent in Uninor, is keen to acquire the business in the frothcoming auction, Uninor said in a statement.
The Norwegian firm is seeking to scrap the joint venture with Unitech and migrate its business to a new company to seek fresh operating licences as the JV's telecom permits were among the 122 quashed by the Supreme Court in February.
Uninor said it wants to auction the company's business, including its assets, while it is a going concern before the 7 September deadline set by the apex court for winding up of operations of all the firms whose licences had been cancelled.
‘Unitech Ltd had dissented and vetoed on Uninor proposal to auction assets.
The auction notice of Uninor can best be termed as illegal,’ Unitech spokesperson said, indicating that the company may initiate legal action is Uninor was to go ahead with the auction.
Uninor said auction will allow the company to generate the maximum possible returns for its creditors and secure the future of Uninor's customers, employees and business partners in the hands of new ownership.
‘Telenor Asia Pte Ltd, majority shareholder of the company, has indicated its willingness to participate through an Indian affiliate entity in the auction of the business of the company,' Uninor statement said.
Telenor, which holds 67.25 per cent in Uninor, is keen to acquire the business in the frothcoming auction, Uninor said in a statement.
The Norwegian firm is seeking to scrap the joint venture with Unitech and migrate its business to a new company to seek fresh operating licences as the JV's telecom permits were among the 122 quashed by the Supreme Court in February.
Uninor said it wants to auction the company's business, including its assets, while it is a going concern before the 7 September deadline set by the apex court for winding up of operations of all the firms whose licences had been cancelled.
‘Unitech Ltd had dissented and vetoed on Uninor proposal to auction assets.
The auction notice of Uninor can best be termed as illegal,’ Unitech spokesperson said, indicating that the company may initiate legal action is Uninor was to go ahead with the auction.
Uninor said auction will allow the company to generate the maximum possible returns for its creditors and secure the future of Uninor's customers, employees and business partners in the hands of new ownership.
‘Telenor Asia Pte Ltd, majority shareholder of the company, has indicated its willingness to participate through an Indian affiliate entity in the auction of the business of the company,' Uninor statement said.
Next Story
