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03-21-2012, 09:07 AM #1
Unitech agrees to sell stake to Telenor
Realty firm Unitech is believed to have agreed to sell its around 33 per cent stake in telecom company Uninor to its joint venture partner Telenor .
Unitech has consented to sell its stake during Company Law Board hearing on Monday, according to sources. They added that Unitech has given various proposals regarding its stake sale and negotiations are on between the two companies.
Unitech's consent to exit is subject to Telenor's acceptance of its proposal.
The joint venture partners have been at loggerheads over a slew of issues. The differences between them reached a flash point after the Supreme Court in February cancelled 122 licences, including 22 held by Uninor.
Holding the Indian partner responsible for the breach of warranties related to the cancellation of the licenses, the Norwegian firm wanted to dump its partner, Unitech after the Supreme Court verdict.
While Telenor had requested for the "exclusion" and "removal" of Unitech MD Sanjay Chandra and his two other nominees from the "management and administrative affairs of Uninor", Unitech had asked for maintaining the status quo of Uninor, and not allowing transfer of its assets to any other company without its consent.
The warring partners have since then moved the CLB which is hearing cross-petitions filed by them.
On March 13, the CLB had asked Unitech to decide whether the realty firm wants to buy Telenor's stake in Uninor or sell its stake to the Norwegian telecom firm.
On Tuesday, the parties exchanged proposals inside the closed chambers of the Company Law Board Chairman.
Company Law Board Chairman Justice B R Deshmukh on the request of Unitech has ordered proceedings of the case to be held in-camera.
Telenor holds the remaining 67 per cent stake in Uninor.