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Moneylife » Companies & Sectors » Company News & Trends » Company Law Board stops Uninor from auctioning its asset

Company Law Board stops Uninor from auctioning its asset

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MDT/PTI | 09/08/2012 06:02 PM | 

Uninor on 1st August invited potential bidders and said its majority owner, Norway's Telenor, is willing to pay Rs4,190 crore for its 30 million customers and assets in case no other bidder turns up

 
New Delhi: The Company Law Board on Thursday stopped telecom operator Uninor from auctioning its assets, reports PTI.
 
"I allow the application and injunct the respondent (Uninor) from taking any steps whatsoever in pursuance to the auction notice published on 1st August or similar notices that may have been published," CLB Chairman Justice DR Deshmukh said in his order.
 
Uninor is a joint venture telecom company between Norway's Telenor and realty major Unitech.
 
Uninor on 1st August invited potential bidders to express interest by 6th August and said its majority owner, Norway's Telenor, was willing to pay Rs4,190 crore for its 30 million customers and assets in case no other bidder turns up.
 
This move was opposed strongly by Unitech, which hold 32.75% stake in Uninor, and approached CLB against the notice.
 
Telenor wants to scrap the joint venture with Unitech and migrate its 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.
 
Uninor had said it wanted to auction the company's business, including its assets, while it is a going concern before the 7th September deadline set by the apex court for winding up of operations of all the firms whose licences had been cancelled.
 
Uninor has approached Delhi High Court which modified CLB stay order on the auction and allowed Uninor to receive till August 8 the expressions of interest (EoI) from bidders interested in purchasing the company's business.
 
"Let the auction process continue and it would be clarified (in the order) that nothing will be confirmed till the CLB finally decides the matter," the High Court said on the application filed by Uninor.
 

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