Uninor's proposal for auctioning its business and assets saw another twist on Monday when the Delhi High Court
modified a Company Law Board (CLB) order and allowed the company to receive the expressions of interest (EoI) from bidders.
Uninor had moved the High Court against the
August 3 CLB order that had stayed its plans to auction its business and assets.
Uninor is a joint venture of Norwegian firm Telenor and Unitech Group. The Delhi High Court has allowed bidders interested in purchasing the assets to submit applications till August 8.
Justice Indermeet Kaur, who heard the matter, said: "I am modifying the order of the Company Law Board to the extent that the date to receive the expression of interest (the intention to purchase) from the bidders is extended till August 8."
The court also said that CLB, which is due to hear the matter on August 8, will decide the petition on merit.
CLB had stayed Uninor's auction
after Unitech filed an application against the same.
Unitech is the minority stakeholder in the company with 32.75 per cent share.
Soon after
Uninor had said it will auction its business and assets to get maximum possible returns for its investors,
majority stakeholder Telenor - with 67.25 per cent stake - had shown keen interest to buy the company.
Unitech alleged Telenor is initiating the terms and conditions of the auctions in a manner unfair to other prospective buyers.
The dispute between the Unitech and Telenor escalated after the Supreme Court in February scrapped 122 2G licences allotted during the tenure of telecom minister A. Raja. These included Uninor's 22.
With inputs from IANS 
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