The company law board (CLB) has put a stay on Uninor auction after joint-venture partner Unitech raised objections. The CLB has also said it will hear the Unitech petition challenging the Uninor resolution on asset sale on August 8, reports CNBC-TV18's Malvika Jain.
It is basically a game of valuations. As the next hearing is on August 8, the company can not receive the expression of interest (EoI) or act in any manner on the basis of this auction. The last date for receiving the EoI is August 6.
Effectively for now Uninor's auction plan have been stalled today. Meanwhile, Telenor the majority share holder submitted that auction should be held before the September 7 that is when licenses are going to get cancelled in India.
Unitech maintained the auction process should not continue as the revolution on the basis of which this auction is being conducted is flawed.
Meanwhile, Uninor has responded saying that it is indeed unfortunate the stay has been granted. It will pursue every legal measure and the process will not impact company's operations, it added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
