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Unitech to sell its entire stake in Uninor to Telenor

Unitech 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

New Delhi: Realty company 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, reports PTI. No financial details were provided by the company.


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 joint venture, Telenor has 67.25% stake, while Unitech's shareholding is 32.75%.


"Telenor and Unitech are pleased to announce that on 10 October 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to a successful business transfer and spectrum auction, all disputes and claims between the parties would be withdrawn," the statement said.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 All existing disputes with Telenor are suspended and will be withdrawn upon successful transfer of business of Uninor to a new entity controlled by Telenor," Unitech Chairman Ramesh Chandra said.


Toyota to recall 8,700 units of Corolla Altis, Camry in India

Toyota is recalling its Altis and Camry variants sold in 2006 and 2008 to check and rectify faulty power window switches, free of cost

New Delhi: Japanese auto giant Toyota on Wednesday said it will recall 8,700 units of its premium sedan Corolla Altis and Camry in India to rectify faulty power window switches as part of a global exercise, reports PTI.


The company, which is present in India through a joint venture with the Kirloskar Group, will start the exercise from next month and will contact the respective customers, check and change the part, if necessary, free of cost.


"In line with recall announced by Toyota Motor Corp (TMC) globally, Toyota Kirloskar Motor (TKM) today voluntarily announced recall of Corolla Altis and Camry," TKM said in a statement.


The company will recall the Corolla Altis manufactured between 30th July to 31 December 2008, while for Camry it will be those vehicles rolled out from 1 September 2006 to 31 July 2008, it added.


"TKM will recall approximately 8,700 vehicles in India to inspect the power window master switch (PWMS). TKM will conduct this campaign on a voluntary basis... the company requests its customers not to panic as this is not a safety hazard but only a precautionary measure, voluntarily carried out by the company," the statement said.


The recall exercise will start from November across all Toyota dealers in India and owners will be contacted.


"Authorised Toyota dealers will inspect and replace (if deemed necessary) at no charge to the vehicle owner. The repair is expected to take approximately one hour, depending on the dealer's work schedule. No other Toyota models, sold in India, are covered by this recall campaign," TKM said.


Elaborating the problem, the company said on certain Corolla Altis and Camry models of the specified years, the PWMS may begin to feel notchy or become inoperative and this can be due to wear and tear over-time.


"As a part of the customer first policy, TMC has globally announced this voluntary recall. TKM has followed the same in India," the company said, adding that it will also notify industry body the Society of Indian Automobile Manufacturers as a part of the voluntary code on vehicle recall even though the recall "does not fall within the purview of any safety hazards".


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