New Delhi: The Delhi High Court will begin hearing Telenor's plea seeking Rs 6400 crore as indemnity from Unitech on Tuesday for losses incurred after following the cancellation of their joint venture Uninor's 2G spectrum licenses. Unitech is expected to respond in the apex court on Tuesday.
Telenor, which also sought a direction to freeze Unitech's assets, has alleged Unitech misrepresented facts before formation of their venture Uninor brand. Uninor's 22 licences were among the 122 2G licences cancelled by the Supreme Court in February, 2012 after it was held that their allocation by former Telecom Minister A Raja was "arbitrary and illegal."
The Norwegian firm, in its petition, alleged the majority of Unitech shares in Uninor have already been attached by the Income Tax department and it is concerned that the Indian JV partner may not have the ability to settle its claim if awarded in the arbitral proceedings being held at Singapore.
The 2G spectrum licences of the joint venture will remain valid till January 18, 2013 as the apex court has recently extended the deadline for fresh auctioning of radio waves. The two firms have been at loggerheads also on differences in valuation and future funding of the joint venture. Telenor has sought to end the joint venture with Unitech and transfer its assets and business to a new entity with a different partner, through an auction process.
With Additional Inputs from PTI
Comments
0 comment