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04-12-2012, 04:09 PM #1
Company Law Board refers Uninor dispute to arbitration
The Company Law Board (CLB) has referred the dispute over management control and transfer of assets of Uninor - a joint venture between Norwegian telecom firm Telenor and Unitech - to arbitration.
Allowing the plea of Unitech, CLB Chairman Justice B R Deshmukh ordered the issue relating to valuation of the real estate firm's stake in Uninor and other matters to Singapore arbitration, according to the clauses of their shareholding agreement.
The CLB dismissed plea of Telenor opposing arbitration in the dispute.
The order came over cross petition filed by Unitech and Telenor against each other before CLB.
Telenor holds 67.25 per cent stake in Uninor, whose telecom licences were among the 122 cancelled by Supreme Court of India last month. Following the cancellation of licences, Telenor accused Unitech of breach of warranties and sought damages.