Unitech appeals Gurgaon's district court to stop Telenor from constituting JV

GURGAON: Real estate major Unitech has appealed in a district court in Gurgaon demanding an injunction against its Norwegian partner Telenor's plan to transfer Uninor's assets to a new company.

The petition has been filed under Section 9 of the Arbitration and Conciliation Act. It also aims to restrain Telenor's possible foray into telecom sector in direct competition with Uninor.

A statement issued by Unitech, reads, “We confirm that Unitech has moved an arbitration application... restraining Telenor from participating in any manner or being financially interested, in any other project which competes with the business of Uninor. Unitech has further sought injunction against the transfer of business (of Uninor) by Telenor to a new entity”.

Unitech holds 32.75% stake in Uninor, while Telenor holds 67.25% stake in Uninor, whose telecom licences were part of the 122 cancelled by the Supreme Court of India last month.

After the cancellation of licences, Telenor blamed Unitech of breach of warranties and also demanded damages. The estranged partners have also moved the Company Law Board seeking resolution of pending issues.

Telenor has also approached Foreign Investment Promotion Board (FIPB) demanding nod to bring in a new partner for the telecom business.