“The Supreme Court has cancelled all the UAS licences and spectrum granted on and after 10 January 2008, and has raised multiple questions on the government’s policy which in no manner can be considered as breach of warranties on the part of Unitech,” a Unitech statement said
New Delhi: A day after its Norwegian partner Telenor sought indemnities for cancellation of telecom licence, real estate firm Unitech today said there was no breach of warranties on its part and it will contest any demand for compensation, reports PTI.
“The Supreme Court has cancelled all the UAS licences and spectrum granted on and after 10 January 2008, and has raised multiple questions on the government’s policy which in no manner can be considered as breach of warranties on the part of Unitech,” a Unitech statement said.
It added that it will therefore be incorrect to claim or even suggest that the cancellation of the UAS licences by the Supreme Court demonstrates a breach of any warranties on the part of Unitech.
“At best, the Telenor group can invoke the provisions between the governments for protection of their investment in India, but they shall have no valid claim on Unitech and any demand from Unitech shall be contested,” Unitech said.
On Wednesday, the Norwegian telecom major blamed its Indian partner Unitech for the cancellation of 22 licences held by their telecom joint venture Uninor and sought “indemnity and compensation” from it.
“Telenor Group holds Unitech liable for the breach of warranties related to the cancellation of licences—seeking compensation for all investment, guarantees and damages caused by the Supreme Court order,” Telenor said in a statement.
The Norwegian firm also said that it is looking for new Indian partner to continue its business in India.
“It is Telenor Group’s position that the strategic partnership with Unitech does not have a future and it, therefore, will start looking for a new Indian partner,” Telenor said.
The Telenor Group has invested over Rs6,100 crore in equity and over Rs8,000 crore in corporate guarantees as a foreign investor and the company holds 67.25% in Unitech Wireless, which own brand Uninor.
Shares of Unitech were trading at Rs 32.25, up by 1.57%, on the BSE in afternoon trade.
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