Following a fierce legal battle between Telenor and Unitech, the two Joint Venture partners of Uninor, Unitech has finally decided to exit the telecom operator JV selling its 32.75% stake to a new Indian entity set-up by Telenor, reports The Economic Times. According to the report, Unitech has issued a statement announcing a settlement with Telenor, wherein all disputes have been amicably settled by the two companies and Unitech has agreed to dispose of its shareholding for a nominal amount and withdraw its nominees from the Unitech board. Earlier, Telenor had decided to auction Uninor's mobile services business and ancillary operations in various circles, but the Company Law Board had stopped Uninor from the auction, as Unitech had approached the board appealing against the auction notice. However, Uninor had said that it would move to a higher court. With Unitech exiting from the JV and settling all disputes Telenor will now be able to participate in the upcoming 2G auctions with a new partner. Telenor and Unitech conflict timeline - Uninor proposes a rights issue of Rs 6,500 crore, which is challenged by its JV partner Unitech in the District Court of Gurgaon. The court puts a stay order. - Unitech, on 11 October 2011, initiates a process before the special judicial body Company Law Board (CLB) by filing a petition against Uninor, the Telenor-appointed directors on the Uninor board, Telenor Asia Pte Ltd. and Telenor ASA, alleging that the respondents have oppressed the minority shareholders and mismanaged the business of Uninor. - Supreme Court of…
