Unitech for injunction against Telenor on transfer

Telenor holds 67.25% stake in Uninor,whose 22 telecom licenses were among the 122 cancelled by the SC.

Written by Agencies | New Delhi | Published: March 30, 2012 3:12 pm

Real estate firm Unitech today moved a district court in Gurgaon seeking an injunction against Norwegian firm Telenor transferring business of their telecom joint venture,Uninor.

Unitech,which holds 32.75 per cent stake in Uninor,in the petition used section 9 of the Arbitration Act to restrain Telenor “violating its rights as enshrined in the Shareholders Agreement (SHA)”.

Telenor holds 67.25 per cent stake in Uninor,whose 22 telecom licenses were among the 122 cancelled by the Supreme Court.

The petition is to restrain Telenor from entering into a joint venture with any other partner in India by invoking non-compete clause in the SHA.

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