Unitech and Telenor exchange proposals on Uninor before Company Law Board

Realty firm Unitech and its estranged telecom partner Norway's Telenor on Monday exchanged proposals inside the closed chambers of the Company Law Board Chairman on probable sale or purchase of shares in their joint venture company Uninor.

CLB Chairman Justice B R Deshmukh ordered proceedings of the case to be held in-camera today on the request of Unitech.

Mediapersons were not allowed during the proceedings.

During today's proceedings, senior advocate U K Chaudhary appearing for Unitech requested the CLB for a closed door proceedings on account of the secrecy of the business proposals to be discussed.

He submitted that the company was listed and any wrong information in public domain regarding such proposals can bring down its value. This was accepted by CLB.

According to the legal sources, during the inchamber proceedings, both sides exchanged some proposals. The detail of the proposal exchanged between them could not be ascertained.

On March 13, the CLB had asked Unitech to inform by today whether the realty firm wants to buy Telenor's stake in Uninor or sell its stake to the Norwegian telecom firm.

The CLB Chairman further asked the representatives of both sides to convene a meeting today and try to sort out the issues.

The Company Law Board (CLB) has also asked Unitech and Telenor to continue their negotiations and report on the progress by Friday.

CLB is hearing cross-petitions filed by Telenor and Unitech over their disputes on Uninor.

Telenor holds over 67 per cent stake in Uninor, while the rest is with Unitech.

The Norwegian firm wants to dump its partner, Unitech after the Supreme Court on February 2 revoked 122 mobile licences, including 22 held by their joint venture.

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.