The Company Law Board (CLB) has dismissed Unitech’s request to appoint an independent observer for Unitech Wireless? board meeting on December 8, 2011.
During the proceedings, the counsel appearing for both the sides informed the CLB that the high court had already appointed an observer for the upcoming board meeting.
Prior to this, Justice Manmohan of the company bench of the high court had appointed S. Gupta as an observer for Unitech Wireless? upcoming board meeting on a petition filed by it.
This was because the CLB felt that there was a conflict between the joint venture partners. This order was challenged in the high court.
Telenor holds a 67.25 per cent stake in Unitech Wireless, while real estate major Unitech holds 32.75 per cent stake in the joint venture.
Both parties have been in conflict over several issues, including management and funding of the joint venture.
