HC modifies CLB order on Telenor-Unitech row

The Delhi High Court today modified a Company Law Board (CLB) order and allowed Uninor to receive till August 8 the expressions of interest (EoI) from bidders interested in purchasing the telecom major, a joint venture of Norwegian firm Telenor and Unitech Group.

The CLB, on August 3 had stayed the operation of Uninor's August 1 auction notice for sale of its assets, saying the proposed auction process appeared to be "very clever" one. "I am modifying the order of the Company Law Board to the extent that the date to receive the EoI (i.e., the intention to purchase) from the bidders is extended till August 8," said Justice Indermeet Kaur adding that the CLB will decide the petition on merit. The court's order came on a plea by Uninor against the CLB order which had stalled the auction of the telecom firm's assets on a plea by its Indian partner of the joint venture, Unitech Group.