Telenor criticises Unitech?s attempts to obtain arbitration on the stakeholding issue

In continuation of the Unitech-Telenor issue, Telenor has criticised Unitech?s attempts to obtain arbitration on the issue, say news reports.

Telenor has argued that arbitration is unnecessary, as the issue is already being heard by the Company Law Board (CLB). Prior to this, Unitech had approached CLB under the provisions of the Arbitration and Conciliation Act in this context.

Also, in a move that may impact the issue, the Income Tax (IT) Department has informed CLB that Simpson Wireless, Cestos Wireless and Acrous Wireless have outstanding dues of Rs 7.01 billion in unpaid taxes.

Unitech obtained its stake in Uninor via these three entities. Besides, the IT department also asked the CLB to consider this aspect when hearing the case.