Telenor Group takes legal action to fight cancelation of its India licenses
Oslo-based Telenor Group has moved the company law board to secure its investments in India following the Supreme Court order to cancel all the 22 licences of its joint venture, Uninor, with Unitech.
“On Friday, Feb 24, we have moved the company law board to prevent any wrongful obstruction of our effort to secure our investments and the welfare of Uninor’s 4 million customers, employees and partners”, the company said in a statement Monday.
The telecom player has invested billions of dollars through equity and debt through corporate guarantees to build Uninor.
Uninor currently has almost 40 million customers across the country and the apex court’s ruling ordering cancellation of 122 licences issued in 2008 has hit the player most.
Telenor has issued Unitech a notice, voiding the current shareholders’ agreement with Unitech on account of fraud and misrepresentation.
Telenor has also announced that it intends to form a new company through which it would carry on its mobile business in India and participate in the upcoming 2G spectrum auction.
About the new entity, Telenor has said it would also seek approval of the Foreign Investment Promotion Board (FIPB) for 74 percent ownership in the joint venture.