The Company Law Board (CLB) has dismissed Uninor?s request to auction its assets.
Prior to this, the Delhi High Court had permitted Uninor to invite bids for selling its telecom business and assets. However, it had asked CLB to take a final decision on whether Uninor could sell off its telecom business. Uninor had put up its telecom businessfor sale recently. It had asked potential bidders to express their interest by August 6and stated that its majority stakeholder, Telenor, was willing to pay Rs 41.9 billion for its customers and assets in the absence of any other bidder.
However, Unitech, which holds 32.75 per cent stake in the company, objected to this plan. It said that Uninor had not taken the necessary approvalsfrom its board of directors before inviting bids for the proposed auction.
Now, it is believed that Uninor plans to take the issue to a higher court.
