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Mar 14, 2012, 12.04 PM IST | Source: PTI

Uninor case: CLB asks Unitech to buy Telenor stake or exit

The Company Law Board (CLB) today asked real estate firm Unitech to decide by March 19 if it wants to buy its JV partner Telenor's 67% stake in Uninor or sell its 33% stake to the Norwegian telecom firm.

The Company Law Board (CLB) today asked real estate firm Unitech to decide by March 19 if it wants to buy its JV partner Telenor's 67% stake in Uninor or sell its 33% stake to the Norwegian telecom firm.

"You (Unitech) are given priority, whether you want to buy or sell (stake), you have to decide," CLB Chairman Justice BR Deshmukh told Unitech.

Counsel representing Unitech sought time for discussing the matter with the company management.

CLB, a quasi-judiciary body that rules on corporate matters, asked Unitech to inform its decision by 10.30 hours on March 19, the next date for hearing.

Observing that there is hostility between the two joint venture partners, the CLB said, "I see no other solution ... what can be done, you have to decide, whether you want to buy or sell out (stake)."

The counsel appearing for Unitech suggested that there could be other solutions, like a third party buying out stakes of both companies in Uninor.

On March 1, the CLB had returned the petitions of Telenor and Unitech on technical grounds and over certain deficiencies in filing.

Before returning the petitions, CLB Chairman Justice B R Deshmukh had asked the warring partners to mediate to resolve their differences but both the companies did not opt for it.

Unitech stock price

On October 23, 2014, Unitech closed at Rs 17.70, up Rs 0.10, or 0.57 percent. The 52-week high of the share was Rs 38.60 and the 52-week low was Rs 10.86.


The company's trailing 12-month (TTM) EPS was at Rs 0.23 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 76.96. The latest book value of the company is Rs 37.72 per share. At current value, the price-to-book value of the company is 0.47.

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