Norway’s Telenor said it has approached India’s Company Law Board to prevent any “wrongful obstruction” of its effort to secure its Indian investments.
The company want to dump its Indian mobile joint venture partner, Unitech Ltd, after the Supreme Court on February 2 revoked 22 mobile licences held by the JV.
Telenor has accused partner Unitech of “fraud and misrepresentation” and said it would migrate its Indian business into a fresh venture to seek new licences. Unitech has termed Telenor’s move as “shocking” and has said Telenor cannot terminate the shareholder agreement unilaterally.
The Company Law Board is an independent quasi-judiciary body that rules on corporate matters.