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Telenor moves approaches Delhi High Court against Unitech

1 Comment Sub Category:Court,Delhi-NCR Posted On: Sep 07, 2012

Telenor Group has approached Delhi High Court seeking that its Joint Venture partner Unitech Ltd be asked to set aside Rs 6,400 crore, or be directed to provide guarantees for the amount through a deposit.

The Norwegian company moved the court as it fears the real estate company may not be able to pay the sum if it were to lose the ongoing court case.

Telenor had earlier filed an indemnity claim against Unitech and has accused the latter of fraud amounting to Rs. 6,400 crore. It also alleged that Unitech’s market cap was lower than the value of damages it was seeking from it and added that the real estate firm had failed to pay its share of initial deposits for the arbitration between both companies.

The petition added that Unitech shares in Uninor have already been attached by the income-tax department.

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Sahara may have to sell off assets to repay investors

One Response to “Telenor moves approaches Delhi High Court against Unitech”

  1. [...] Telenor moves approaches Delhi High Court against Unitech [...]

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