CLB held that an arbitrator alone can decide if 'Share Subscription Agreement' and 'Share Holders Agreement' had been vitiated or not due to fraud
New Delhi : In a setback to Norwegian company Telenor, the Company Law Board (CLB) on Thursday allowed its estranged partner Unitech's plea for settling dispute over control and transfer of assets of their joint venture (JV) Uninor through arbitration at Singapore, reports PTI.
Observing that Telenor had gone "berserk" in filing its petition seeking ouster of its partner Unitech after Supreme Court cancelled telecom licences of their JV, CLB Chairman DR Deshmukh held that an arbitrator alone can decide if 'Share Subscription Agreement' and 'Share Holders Agreement' had been vitiated or not due to fraud.
The Supreme Court had in February held that the process of allocating 122 licenses for 2G including those to Uninor was 'arbitrary and unconstitutional' and cancelled all of them.
Telenor, which bought stake in Uninor that was allocated 16 of those licences, sued Unitech for breach of warranties.
The order drew sharp reactions with Telenor saying it will challenge the CLB judgement in higher courts while realty firm Unitech said the order uphold the right of minority shareholder.
Telenor owns 67.25% in Uninor which has over four crore subscribers. Realty firm Unitech holds the remaining 32.75% in the JV.
"Telenor by claiming relief identical to relief claimed ... in its counter claim before the Arbitral Tribunal has left no room for any doubt that adjudication of the dispute arising ... must be left to the forum for resolution of dispute agreed by the parties i.e foreign arbitration," CLB said in its 38-page long order.
"Parties (Telenor and Unitech) are referred to arbitration in accordance with the arbitration rules of Singapore International Arbitration Centre as contemplated under article 13 of the Share Subscription Agreement entered into between the parties," it added.
IHC, promoted by two co-founders of Barista Coffee, bought Adelie Food Group, which is one of the largest players in global chilled food market
New Delhi: India Hospitality Corp (IHC) has acquired UK-based Adelie Food Group, a leading player in the convenience food segment, for $350 million in one of the largest takeovers by any Indian company in the food space, reports PTI.
IHC has been promoted by two entrepreneurs - Ravi Deol and Sandeep Vyas, who had also co-founded India's first indigeneous coffee chain Barista Coffee. IHC recently divested India's largest air-catering business SkyGourmet to Zurich based GateGroup.
Adelie Food produces and supplies food products like salads, quiches and sandwiches for supermarkets, coffee shops, cafes and airlines and is among the largest players in global chilled food market.
The Adelie Group currently employs more than 3,000 people across its seven manufacturing locations, Heathrow-based Head Office and nationwide distribution network.
The acquisition of Adelie Food is IHC's first major investment in UK. IHC had recently divested India's largest Air-Catering business SkyGourmet to Zurich based GateGroup.
IHC's India food partners business is already a leading provider of food products to major food retailers and coffee chains in the country.
IHC, which owns restaurant brands like Birdys, All Stir Fry, Jazz by Bay, Just Around the Corner, Dosa Diner, and hotel chain - Gordon House, has acquired 100% stake in Adelie group from Duke Streeet Capital, the company said in a statement.
"IHC plans to use the upstream sophisticated market capabilities of Adielie and Food Partners to accelerate the roll out of its food services business in India," IHC Foods Chairman Ravi Deol said.
"This deep product, innovation and chilled distribution expertise will enable us to delight Indian consumers with great tasting products and services," he added.
The Adelie Food Group includes British convenience food companies -- Buckingham Foods, Superior Foods, Food Partners, Brambles Foods, and ‘food to go’ brand URBAN eat.
Post acquisition, the existing structure of Adelie as the umbrella parent company will continue and Food Partners and Buckingham Foods will maintain their local identities.
The Cabinet approved Neyveli JV for setting up coal-based thermal power project in Uttar Pradesh
New Delhi: The Indian government approved the state-owned Neyveli Lignite Corp's (NLC) proposed joint venture (JV) to set up a Rs10,000 crore thermal power project in Uttar Pradesh, reports PTI.
The Cabinet gave its approval to Neyveli for the JV for setting up a 1,980 MW coal-based thermal power project at Ghatmapur in Kanpur district of Uttar Pradesh, sources said.
The company has initiated the process for entering into an MoU with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL) for setting up the plant with a 50:50 equity participation.
The UP government has given in-principle approval to allocate 2,500 acres of land and 80 cusecs of water for the project.
NLC also has plans to set up a power plant with a capacity of 1,000 MW in Madhya Pradesh, as a joint venture with Northern Coal Fields Ltd, with a 50:50 equity participation.
Neyveli Lignite shares closed 4.5% higher at Rs89.15 per share on the Bombay Stock Exchange, while the Sensex ended 0.8% up at 17,332.