 "CLB returns petitions of Telenor, Unitech")
New Delhi: The Company Law Board (CLB) today returned the petitions of Telenor and Unitech over the dispute in their joint venture Uninor on technical grounds .
The CLB returned the petitions on some technical grounds finding Telenor’s application not properly filed. CLB Chairman B R Deshmukh asked both the parties to mention their cross-petitions after rectifying the errors on March 13.
Meanwhile, he also suggested both the parties to sit together and mediate to reach an amicable solution. On February 24, Norwegian firm Telenor and its Indian partner Unitech had moved fresh petitions before the CLB to remove or restrain each other’s representatives from their JV, Uninor.
While Telenor had requested for the “exclusion” and “removal” of Unitech MD Sanjay Chandra and his two other nominees from the “management and administrative affairs of Uninor”, Unitech had asked for maintaining the status quo of Uninor, and not allowing transfer of its assets to any other company without its consent.
Telenor holds over 67% stake in the JV, while the rest is with Unitech.
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