SME Times is powered by   
Search News
Just in:   • Sensex, Nifty in the red  • 'Central regulations for ayurvedic industry soon'  • Lok Sabha, Rajya Sabha adjourned till noon  • 'Gem & Jewellery sector provides maximum jobs to rural peoples'  • Morocco King, Nigerian President launch construction project 
Last updated: 27 Sep, 2014  

Uninor.9.Thmb.jpg Telenor, Unitech reach settlement on Uninor joint venture

Uninor.9.jpg
   Top Stories
» 'Gem & Jewellery sector provides maximum jobs to rural peoples'
» Centre takes initiatives to boost cashless digital payment
» Keeping fingers crossed on breakthrough in GST Council: FM
» Demonetisation: India Inc urges more public spending to limit GDP fall
» RBI to issue new Rs 50, Rs 20 notes soon, old notes valid
SME Times News Bureau | 11 Oct, 2012
Norway's Telenor and India-based Unitech have reached an agreement to amicably settle all disputes between the two parties.

The two firms run telecom business in India -- Uninor -- under a joint venture with Telenor having over 67 percent share. Unitech owns the rest.

Earlier this year, Telenor served a divorce notice to Unitech and sought compensation from the firm following the Supreme Court's order to cancel 122 telecom licences.

"It can be confirmed that the parties agree to support the transfer of the business in Unitech Wireless (Uninor) to a new entity controlled by Telenor," Telenor said in a statement Thursday.

Telenor is preparing to participate in the upcoming 2G spectrum auction through this new entity, but will take a final decision on whether to participate at a later date.

The firm, however, refrained from providing further comments on specific terms and conditions citing confidentiality obligations.

However, it said that Unitech has agreed to dispose of its shareholding in Uninor for a nominal amount.

The statement also said that Unitech nominees will withdraw from the Uninor board with immediate effect and all special shareholder rights stand suspended.

Subsequent to a successful business transfer and spectrum auction, all disputes and claims between the parties shall stand withdrawn, it added.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
69.40
67.70
UK Pound
87.25
84.45
Euro
73.90
71.40
Japanese Yen 61.00 59.00
As on 05 Dec, 2016
  Daily Poll
Do you support Modi government's demonetisation move?
 Yes
 No
 Can't say
  Commented Stories
» Moving to a cashless economy(23)
» Starting an import export business: Basic guide for beginners(5)
» Govt mulls 'Online Udyog Aadhaar Form' to ease SME registration(2)
» 'Jio users to get free voice, data till March 31'(1)
» Modi again seeks support for demonetisation(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter