Telenor moves approaches Delhi High Court against Unitech
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.
Delhi high court, Delhi Real Estate, Fraud cases, income-tax department (I-T), indemnity claim, Joint Venture partner, petition, Real estate firms, real estate in Delhi, Realty News, Telenor Group, Unitech Ltd
[...] Telenor moves approaches Delhi High Court against Unitech [...]