The Company Law Board has
stayed the auction of troubled telecom service provider Uninor after
real estate firm Unitech opposed the move controlled by Norway-based Telenor.
Telenor-controlled Uninor announced its
decision to put its India telecom business and assets on sale on August 1, as it continues to struggle with the Supreme Court cancelling its licences in the wake of the 2G spectrum scam.
A day after the announcement, real estate firm Unitech approached 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.
The apex court had set all companies a deadline of September 7 for winding up of operations if their licences had been cancelled.
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