Company Law Board stays Uninor's proposed asset auction

Top Stories

»	Sensex, Nifty open 1 pc lower amid West Asia tensions, weak global cues
»	India clocks robust 7.7 pc GDP growth in 2025-26, Q4 growth at 7.8 pc
»	RBI keeps repo rate unchanged at 5.25 pc, maintains ‘Neutral’ stance
»	Crude oil prices fall over 1 pc as ceasefire hopes ease West Asia concerns
»	Forced labour import curbs: US proposes up to 12.5 pc tariff on 60 countries, including India

SME Times News Bureau | 04 Aug, 2012
The Company Law Board (CLB) Friday ordered telecom service provider Uninor not to proceed with its plan of auctioning its assets.

The CLB will hear the case again Aug 8.

The decision followed an application filed by Unitech, which has 32.75 percent share in Uninor, the joint venture with Telenor.

Uninor Wednesday said it will auction its business and assets to get maximum possible returns for its investors. The company had also invited bids till Aug 6.

Norway's Telenor, which holds 67.25 percent shares in Uninor, had shown keen interest to buy the company.

"It is unfortunate that the stay has been granted. Uninor will pursue every legal measure available to it in the Indian courts to secure the interests of the company's creditors, customers and employees," Uninor said in a statement.

It also said that the company's operations will, meanwhile, continue as before as this process has no impact on them.