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to a successful business transfer and spectrum auction, all disputes and claims between the parties would be withdrawn," the statement said.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 All existing disputes with Telenor are suspended and will be withdrawn upon successful transfer of business of Uninor to a new entity controlled by Telenor," Unitech Chairman Ramesh Chandra said.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 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".
According to SIAM data, domestic car sales in September decreased by 5.36%, while motorcycle sales tumbled 18.9%, the sharpest decline in three years and nine months
New Delhi: Vehicle sales in India registered steepest monthly fall in nearly four years at 9.43% in September with the upcoming festive season failing to boost sentiment of car and motorcycle buyers, reports PTI.
According to the data released by the Society of Indian Automobile Manufacturers (SIAM) today, domestic car sales in September decreased by 5.36%, while motorcycle segment dipped 18.85%, the sharpest decline in three years and nine months.
The total sale of vehicles across categories registered a dip of 9.43% to 14.2 lakh units last month as against 15.7 lakh units in September 2011. The rate of fall is the steepest since December 2008, when sales had declined by 18.25%.
"The overall economic situation of the country, low sentiments, high petrol prices and interest rates are among the factors which are hurting the overall sales of the auto industry," SIAM President S Sandilya told reporters.
During the month, domestic car sales declined to 1.6 lakh units from 1.7 lakh units in the same month last year.
"New model launches at attractive price points in the utility vehicle segments have also been a factor in low car sales," Sandilya said.
Market leader Maruti Suzuki's sales rose by 3.43% to 68,957 units. Rival Hyundai Motor India's sales, however, decreased by 13.88% to 30,795 units. Homegrown auto major Tata Motors' car sales were down by 18.46% at 17,133 units.
In the two-wheeler segment, total sales in September 2012 decreased by 12.92% to 10,69,069 units from 12,27,662 in September 2011.
Motorcycle sales last month fell by 18.85% to 7,53,693 units, from 9,28,716 units in the same month previous year. The sharpest decrease earlier was 23% in December 2008.
"There is a fall in sales for motorcycles due to weak rural demand and sustained cautious urban sentiments," Sandilya said.
In the motorcycle segment, market leader Hero MotoCorp posted 30.59% fall in sales to 3,44,512 units in September. Rival Bajaj Auto's sales went down by 19.37% to 2,06,248 units.
However, Honda Motorcycle & Scooter India (HMSI) posted 77.44% increase in sales to 1,07,406 units, while TVS Motor moved 49,061 units, 30.51% less than the same month of the previous year.
The scooter segment's overall sales grew 10.17% to 2,54,321 units, from 2,30,838 units. .
HMSI's scooter sales grew by 15.51% to 1,24,049 units in September, while Hero MotoCorp sold 49,340 units, up 46.25%. TVS Motor's sales saw decline of 26.71% to 39,075 units.
Total sales of commercial vehicles in September rose marginally to 70,683 units from 70,658 units in the year-ago period, SIAM said.
"Moderating agricultural growth, sustained slowdown in industrial activities and lower replacement volumes are leading to deceleration in demand of heavy commercial vehicles, mainly in the goods segment," Sandilya said.
Medium and Heavy Commercial Vehicle sales declined 14.80% to 26,471 units during the month, as against 31,068 units in September last year.
According to SIAM, light commercial vehicle sales grew 11.67% to 44,212 units in September 2012 from 39,590 units in September 2011.
In the three-wheeler category, sales went up marginally to 49,576 units, from 49,271 units in the same month last year.