The Company Law Board (CLB), on Thursday, stopped telecom operator Uninor from auctioning its assets.
“I allow the application and injunct the respondent (Uninor) from taking any steps whatsoever in pursuance to the auction notice published on August 1 or similar notices that may have been published,” CLB Chairman Justice D. R. Deshmukh said in his order.
Uninor is a joint venture telecom company between Norway’s Telenor and realty major Unitech.
Uninor on August 1 invited potential bidders to express interest by August 6 and said its majority owner, Norway’s Telenor, was willing to pay Rs.4,190 crore for its 30 million customers and assets in case no other bidder turns up.
This move was opposed strongly by Unitech, which holds 32.75 per cent stake in Uninor, and approached the CLB against the notice.
Telenor wants to scrap the joint venture with Unitech and migrate its business to a new company to seek fresh operating licences as the joint venture’s 22 telecom permits were among the 122 quashed by the Supreme Court in February.
Uninor has approached Delhi High Court which modified the CLB stay order on the auction and allowed Uninor to receive till August 8.
Co to challenge order
Meanwhile, Uninor on Thursday said it would move a higher court against the CLB order that stopped it from auctioning its assets.
“Since the CLB order has now been pronounced, we are able to comprehensively move our arguments towards Uninor’s assets auctions to higher courts,” Uninor said in a statement.