Telenor Group has approached the Delhi High Court, seeking guarantees worth Rs 64 billion from its joint venture partner Unitech.
It has requested the Delhi High Court to ask Unitech to either pay
the amount or provide necessary guarantees for the amount through a deposit.
In its petition to the Delhi High Court, Telenor has stated that Unitech?s current market cap was about Rs 48 billion, which is lower than the company?s debts. According to Telenor, Unitech failed to pay its share of the initial deposits for arbitration process between the two companies. The petition mentions that the Unitech?s shares in Uninor have already been attached by the Income-Tax Department of India.
