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This is an archive article published on August 7, 2012

HC modifies CLB order on Uninor auction

The Delhi High Court on Monday modified a Company Law Board CLB order and allowed Uninor to receive expressions of interest EoI from bidders interested in purchasing the telecom firm till August 8

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The Delhi High Court on Monday modified a Company Law Board CLB order and allowed Uninor to receive expressions of interest EoI from bidders interested in purchasing the telecom firm till August 8.

The courts order came on a plea by Uninor,a joint venture of Norwegian firm Telenor and Unitech Group,against the CLB order which had stalled the auction of the telecom firms assets on a plea by Unitech. I am modifying the order of the Company Law Board to the extent that the date to receive the EoI from the bidders is extended till August 8, said Justice Indermeet Kaur.

However,the court made it clear that the CLB would ultimately decide the petition on merit.

Let the auction process continue and it would be clarified in the order that nothing will be confirmed till the CLB finally decides the matter, the judge said.

In an auction notice issued on August 1,Uninor invited potential bidders to express interest by August 6.

The notice added that the minimum bid price was Rs 4,000 crore and said in the event that no other bidder turned up,Telenor would pay Rs 4,190 crore for the firm.

However,the CLB,on August 3 had stayed the operation of the August 1 notice,saying the proposed auction process appeared to be a very clever one.

 

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