Norwegian company Telenor, which controls joint venture (JV) Uninor, today told the Delhi High Court that auction of its assets be allowed to save the venture in which real estate major Unitech Ltd has got minority stake.
“Can I be forced to do business with ‘cheat’ managing director of Unitech Ltd, facing prosecution in a criminal case and moreover, he has also been castigated by the Supreme Court...I cannot be forced to get along with a man who cannot be trusted,” senior advocate Sandeep Sethi, appearing for the Norwegian telecom major, told Justice Indermeet Kaur.
The multinational partner to the Indian real estate major in their JV Uninor is seeking setting aside of the judgement of the Company Law Board (CLB) by which it was stopped from auctioning the assets of Uninor.
The CLB had said that the auction notice issued by Uninor “under the garb of transparency” was an attempt by Telenor to dissuade any prospective bidder from participating in the auction and to be bid in the auction itself”.
The panel had also said that it was an attempt to oust the Indian firm from the JV.
Uninor is a 67:33 joint venture telecom company between Telenor and Unitech.