New Delhi: Real estate firm Unitech Thursday challenged before the Company Law Board (CLB) its partner Telenor's move to call a board meeting of their telecom joint venture on May 23.
Unitech filed a fresh application before the CLB seeking restraint against Telenor's plans to get board approval for transfer of joint venture firm, Uninor's assets and business to a new firm.
CLB directed Telenor to file their reply and posted the matter to May 17.
During the proceedings, senior advocate U K Chaudhary appearing for Unitech submitted that by applying its majority on the JV, Telenor is again trying to pass the controversial agenda, which was dropped in a earlier board meeting.
"This is contrary to their own position... They are now completely turning the table on us," he said.
Telenor owns 67.25 percent in Uninor which has over four crore subscribers. Realty firm Unitech holds the remaining 32.75 percent in the JV.
However, the counsel appearing for Telenor sought some time to file the reply by saying that the application was served to them today only.
According to Chaudhary, a similar resolution was earlier withdrawn by Telenor and now the dispute is referred for arbitration for an amicable settlement, the Norwegian firm is again bringing the disputed proposals.
On April 12, passing an order the CLB had asked Unitech and its estranged partner Telenor to settle a dispute over control and transfer of assets of Uninor through arbitration at Singapore.
The CLB's order had come over a cross petition filed by both the partners seeking outser of each other's representative in Uninor.
The Supreme Court had in February held that the process of allocating 122 2G licenses 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.
Source:zeenews.india.com
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