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to a successful business transfer and spectrum auction, all disputes and claims between the parties would be withdrawn," the statement said.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 All existing disputes with Telenor are suspended and will be withdrawn upon successful transfer of business of Uninor to a new entity controlled by Telenor," Unitech Chairman Ramesh Chandra said.
Air India CMD Ashwani Lohani was appointed the Chairman of Railway Board on Wednesday after incumbent AK Mital put in his papers. Mital tendered his resignation to railway minister Suresh Prabhu following two derailments in Uttar Pradesh. Lohani, a 1980-batch office
The government on Wednesday gave its approval for transfer of 40 acres of Airports Authority of India’s (AAI) land at Dahisar to Mumbai Metropolitan Region Development Authority (MMRDA) for its metro shed, swapping with 40 acres of Maharashtra government land at Gorai in Mumbai.
Ministry of railways’ proposal of closing down Bharat Wagon and Engineering Company Limited (BWEL) has been accepted by the cabinet committee on economic affairs, chaired by the prime minister Narendra Modi on Wednesday. A total of 626 employees of BWEL will b
Railway minister Suresh Prabhu on Wednesday dropped a hint that he has offered to resign while Chairman Railway Board AK Mital tendered his resignation following two major train accidents. The resignation offers come just three days after three top railway officials were se
Around 30 lakh LED street lights, spread across 50,000 km of roads, have been installed across the country under the centre’s street lighting national programme (SLNP). With this, Energy Efficiency Services Limited (EESL), under ministry of power, has become the world’s largest street lig
An ambitious scheme to provide Soil Health Cards for 14 crore land holdings spread across the country seems to be moving at a painfully slow pace. Prime minister Narendra Modi on August 21 reviewed the progress and he was informed that 16 States/UTs have completed the first