Telenor has approached the High Court for its permission to sell Uninor?s telecom business and assets, say news reports/
Presenting its case before the court, Telenor has stated that it should be allowed to auction Uninor?s assets in order to save the business.
Earlier, the Company Law Board had barred the sale of Uninor?s assets, which invited potential bidders to express their interest by August 6, 2012. At the time of inviting the bids, Uninor also stated that its majority stakeholder, Telenor, which has 67 per cent stake 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 Uninor, objected to the asset sales on the grounds that Uninor had not taken the necessary approvals from its board of directors before inviting bids for the proposed auction.
