Unitech go against Uninor

Unitech, which holds 32.74% stake in Unitech Wireless Pvt Ltd that operates under the Uninor brand,approached the Company Law Board (CLB) to postpone the auction for selling Uninor company's business.

Uninor has set a minimum price of Rs 4,000 crore for the India telecom business and said Telenor would pay Rs 4,190 crore in case no other bidder evinces interest by August 6.

Unitech in its application requested Company Law Board (CLB) to stay the auction in which Telenor may possibly be the only bidder.

Telenor wants to scrap the joint venture with Unitech and migrate its business to a new company to seek fresh operating licences as the JV's 22 telecom permits were among the 122 telecom licence  quashed by the Supreme Court in February.

Unitech go against Uninor