Telenor approaches Indias Company Law Board over JV row

Written by Reuters | New Delhi | Updated: Feb 28 2012, 09:13am hrs
Norways Telenor said it has approached Indias 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, after the countrys 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 Telenors move as shocking and has said Telenor cannot terminate the shareholder agreement unilaterally.