Telenor wanted to scrap the JV with Unitech as the JV's 22 telecom permits were among the 122 quashed by the Supreme Court
PTI | October 11, 2012
Realty firm Unitech on Thursday said it would exit from telecom joint venture with Norway's Telenor by disposing of its entire shareholding in Uninor and both the parties have amicably settled all legal disputes between them.
Telenor wanted to scrap the JV with Unitech and migrate the 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.
Both the partners had filed cases against each other in courts and Company Law Board. In the JV, Telenor has 67.25 per cent stake, while Unitech's shareholding is 32.75 per cent.
"Telenor and Unitech are pleased to announce that on October 10, 2012, they have reached an agreement to amicably settle all disputes between the two parties," the realty firm said in a statement.
As per the agreement, Unitech and Telenor have agreed to transfer the business in Unitech Wireless (which operates under Uninor brand) to a new entity controlled by the latter.
Unitech said it has "agreed to dispose of its shareholding in Uninor for a nominal amount" and its nominees will withdraw from the Uninor Board with immediate effect.
"Subsequent to a successful business transfer and spectrum auction, all disputes and claims between the parties would be withdrawn," the statement said.
With the settlement of disputes with Telenor, Unitech Group will focus on its core business of real estate and monetise its land parcels across the country to enhance the stakeholder's value.
"We are pleased with the settlement reached between Unitech and Telenor. All existing disputes with Telenor are suspended and will be withdrawn upon successful transfer of business of Uninor to a new entity controlled by Telenor," Unitech Chairman Ramesh Chandra said.
Maya Kodnani, a BJP leader who was the MLA from Naroda when this locality on the outskirts of Ahmedabad witnessed one of the most gruesome episodes during the Gujarat riots of 2002, was acquitted by the Gujarat High Court on Friday. Her acquittal in the Naroda Patiya massacre case is only a sequel to
The number of civic complaints with BMC has increased from 61,910 in 2015 to 92,329 in 2017, which is 49% in two years. A report titled ‘Civic Issues Registered by Citizens and Deliberations done by Municipal Councillors in Mumbai’ released by Praja Foundation has found some interesting facts a
Atishi Marlena is among the nine AAP functionaries who were dismissed by the union home ministry asserting that their posts were created without the approval of the centre. Marlena, served as education advisor of the Aam Aadmi Party (AAP)-led government in Delhi. While she was intrumental in improving the
The Fortune magazine has named three Indians – lawyer Indira Jaising, industrialist Mukesh Ambani and architect Balkrishna V Doshi – among the world’s greatest fifty leaders.
Remember Kardashev scale? For the uninitiated, it’s a method of measuring a civilization’s level of technological advancement, based on the amount of energy it is able to use for communication. We will get to its unconventional relevance to the big urban questions at the end, but just keep it a
Out of 1580 MPs and MLAs with criminal cases, 48 (three MPs and 45 MLAs) have declared cases related to crime against women. The Association for Democratic Reforms (ADR) and