Unitech seeks embargo on Telenor

By : |March 30, 2012 0

NEW DELHI, INDIA: Unitech, which primarily operates real estate business, has sought court intervention against its JV partner Telenor for business transfer.

The company filed a petition in the district court of Gurgaon. Unitech moved court under section 9 of the Arbitration Act. The plea, however, urged the court to restrain Telenor for violating the shareholders agreement, and thereby allowing embargo on it for entering into partnership with any other Indian partner.

Also read: Telenor seeks $14bn damages

Uninor is a JV between Unitech and Telenor where Unitech has 32.75 per cent stake while the latter holds 67.25 per cent share.

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The differences between the two worsened, following the Apex Court verdict that led to the cancellation of telecom licences in 22 circles.

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