Telenor has hit back saying that Unitech is trying to distract attention from guaranteed obligations, reports CNBC-TV18's Nayantara Rai.
Last night, when the press release was issued by Telenor, CNBC-TV18's sources in Unitech claimed that perhaps Telenor already has a partner in place and that's why they want to buy out Unitech and then want to participate in the auction process. That has been categorically denied by Telenor saying that, "we have clearly stated that our partnership with Unitech no longer has a future. We will, however, now speculate or react to speculations in the manner we approach these auctions, but we assure you, an announcement will be made once a local partner is in place."
Unitech's press release yesterday had very clearly stated that they are reserving their legal rights to claim damages against Telenor for breaching confidentially covenants within the shareholder agreement. To that, Telenor has responded by saying Unitech's response to our indemnity claims notice is not surprising. This is only a desperate attempt by the company to distract attention from their own guaranteed obligations.
While Telenor group does not agree with Unitech's view, Unitech is free to pursue any remedies they believe is available to them in the shareholder agreement. Clearly, the partnership from Telenor's side is over. But when is the joint venture going to be officially wound up is the big question.
