Unitech Limited had objected to Uninor India’s proposed rights issue at a board meeting in early 2011 and had demanded that a business plan be finalised before the modalities of fund raising are decided, say news reports.
However, it is believed that its objection was over-ruled by its Norwegian partner, Telenor.
Unitech and Telenor are embroiled in a legal dispute over the rights issue of Uninor, which is expected to raise Rs 80 billion. Telenor, which holds a 67 per cent stake in the company, wants to proceed with the rights issue. However, Unitech had obtained a stay order from a local court in Gurgaon, preventing the issue.
