Unitech Wireless has raised concerns regarding its majority partner, Telenor’s alleged failure to disclose the full extent of its operations in Pakistan.
This issue has been listed in the agenda of Unitech Wireless’ next board meeting scheduled for January 12, 2012.
This development has further the ongoing dispute between Unitech and Telenor. Both the partners have been involved in a conflict over a Rs 82.50 billion rights issue, which Unitech had opposed.
In November 2011, the foreign investment promotion board (FIPB) had cleared the proposal of a rights issue. The realty firm is of the view that FIPB would not have cleared the proposal if Telenor had disclosed complete details on its Pakistan operations.
In 2009, the FIPB had first cleared Telenor’s application to pick up a majority stake in Unitech Wireless on the condition that none of the staff who have worked in Telenor Pakistan, a 100 per cent owned subsidiary of the Telenor group, will be employed in India. This was because intelligence agencies such as Intelligence Bureau and Research and Analysis Wing were highly suspicious about the security implications of Telenor’s presence in Pakistan.
