Why it is the best time now to start building a wealth-creating portfolio
Telenor has requested for the ‘exclusion’ and ‘removal’ of Unitech MD Sanjay Chandra and his two other nominees from the “management and administrative affairs of Uninor”. Meanwhile, Unitech had requested CLB to maintain the status quo of Uninor, and not allow the transfer its assets to any other company without its consent
New Delhi: Norwegian firm Telenor and its Indian partner Unitech have moved fresh petitions before the Company Law Board (CLB) to remove or restrain each other’s representatives from their joint venture (JV), Uninor, reports PTI.
Telenor has requested for the ‘exclusion’ and ‘removal’ of Unitech MD Sanjay Chandra and his two other nominees from the “management and administrative affairs of Uninor”.
It has also requested CLB to divest four group firms of real estate player Unitech from their share holding of Uninor.
Meanwhile, Unitech had requested CLB to maintain the status quo of Uninor, and not allow the transfer its assets to any other company without its consent.
Besides, it has requested CLB to injunct Telenor’s “officers, servants and/or employees in any way interfering with the management” of Uninor.
The real estate firm has asked the board not to allow Telenor the “derogation of the articles of association of the company” and to conduct a special audit of the book of account of the JV firm by appointing a special auditor.
The cross petitions are scheduled to be heard by CLB on Thursday.
Telenor has requested CLB “to pass an order to remove all rights enjoyed by Unitech on account of the amendment of articles through a resolution of 20 March 2009.
Unitech, meanwhile, has also requested CLB to declare letter written by the Norwegian firm on 21st February informing plans to form a new entity in India and to migrate its existing business, including customers and employees, into the new company.
“Pass an ad interim order maintaining the status quo as on 21 February 2012 relating to the management of the affairs” of Telenor, Unitech has said.
Last week, Telenor had announced plans to dump Unitech and set up a new company for its Indian operations after the Supreme Court cancelled 122 telecom licences, including the JV’s 22 permits, in the second generation (2G) spectrum allocation case.
Telenor had also sought damages from Unitech accusing it of “fraud and misrepresentation” of facts based on which it had invested over Rs6,000 crore in Uninor.
The Norwegian firm said it will hold 74% stake in the new company and may rope in a minority Indian partner.
Unitech, on the other hand, had said it “cannot be held responsible” for cancellation of licences and shareholders agreement “cannot be terminated by any party unilaterally”.
Issuing a statement, Telenor said it wants to prevent any “wrongful obstruction” of its effort to secure its investments in the country.
Unitech said its petition was to prevent the Norwegian firm from “assuming full control over the business including assets of (their mobile brand) Uninor”.
“On Friday, 24th February, we have moved the Company Law Board to prevent any wrongful obstruction of our effort to secure our investments and the welfare of Uninor’s four crore customers, employees and partners. We are not able to comment any further since this matter is now sub-judice,” Telenor Group said in a statement.
While Unitech in its statement said it “will continue to resist any mala-fide and/or unilateral action by Telenor”.
“Consequently, Unitech has filed a fresh petition in CLB today to enforce its rights under the Articles of Uninor and to prevent Telenor from assuming full control over the business including assets of Uninor,” the company said.
Rejecting US and European sanctions against Iran, oil minister S Jaipal Reddy said, “We respect UN sanctions but will not honour any other sanction. We have cordial relations with Iran and we continue to import oil from them”
New Delhi: India is not facing any external pressure on buying crude oil from Iran and will abide by UN sanctions only, not those imposed by any bloc of nations, reports PTI quoting oil minister S Jaipal Reddy.
Speaking at the meeting of the Parliamentary Consultative Committee here, he said there is “no outside pressure in dealing with Iran”.
Rejecting US and European sanctions against Iran, he said, “We respect UN sanctions but will not honour any other sanction.
“We have cordial relations with Iran and we continue to import oil from them.”
The US has imposed sanctions that deny access to the US financial system to any foreign bank that conducts business with the central bank of Iran.
Besides, European Union has agreed to ban oil imports from Iran starting 1st July as part of measures to ratchet up the pressure on the Persian Gulf nation's nuclear programme.
Mr Reddy rejected US President Barack Obama’s statement that demand in China and India was responsible for spiralling international oil prices, and said that India’s per capita consumption at 442 kg of oil equivalent was much lower than world average of 1,715 kg.
Geo-political reasons are to be blamed for spike in global oil prices, he said.
“India is currently world’s fourth largest consumer of energy accounting for 4.4% of world’s annual energy consumption. USA, China and Russian federation are the top three energy consumers. Almost 40% of the primary energy consumption is by USA and China,” Mr Reddy said.
The energy sector has witnessed major volatility in crude oil prices, scarcity of services and economic meltdown globally in the past few years. “Global demand for energy is oscillating in tandem with the economic condition of the world,” he said.
Economics in the energy sector is also being affected by the dynamics in global political scenario, and economic sanctions regime leaving an adverse impact on the demand- supply situation.
India is one of the fastest growing economies in the world. Presently, the domestic energy supplies are limited and the import dependence is as high as 80% for crude oil and 25% in case of natural gas.
“The situation may not change much in the 12th Plan period as the demand for oil and gas is increasing. The share of oil and gas in Indian energy basket is about 40%.
“With the projected demand and supply gap, it is imperative for us to enhance energy security for the country for which intense efforts in exploration activities in India as well as abroad are being made,” Mr Reddy said.