Unitech has obtained a stay order on Telenor?s plans to opt for a rights issue, say news reports.
The two companies are joint venture partners in Uninor, wherein Telenor holds 67 per cent stake and the balance is with the Indian real estate major.
A statement issued by Unitech stated, ?Unitech has obtained a stay order on certain actions, which Telenor was proposing to take, which Unitech believes are not in the best interests of the shareholders. The court has recognised the merits in Unitech?s view.?
?We will continue to engage in constructive discussions with Telenor while protecting our legal rights in the matter. We cannot comment further in this matter since it is sub-judice. However, we would like to reiterate that Unitech continues to be a long-term and committed investor in Uninor,? the statement added.
