Unitech moves CLB against Uninor

A day after Norway's Telenor-controlled Uninor put India telecom business on auction, real estate firm Unitech on Thursday approached the Company Law Board (CLB) seeking a stay on selling the business in which it owns a third of the stake.

Unitech in its application requested CLB to stay the auction in which Telenor may possibly be the only bidder. It also sought a restraint on any sale or transfer of Uninor's business and assets.

"Pass an order restraining the respondents (Telenor) from taking any action in pursuance of sale and transfer of the business and/or assets of the respondent No 1 company (Uninor) in any manner," said the real estate firm in its petition.

Uninor has set a minimum price of Rs 4,000 crore for the India telecom business and said Telenor would pay Rs 4,190 crore in case no other bidder evinces interest by August 6.

Telenor wants to scrap the joint venture with Unitech and migrate its business to a new company to seek fresh operating licences as the JV's 22 telecom permits were among the 122 quashed by the Supreme Court in February.

Uninor on Wednesday had said it wanted to auction the company's business, including its assets, while it is a going concern before the September 7 deadline set by the apex court for winding up of operations of all the firms whose licences had been cancelled.