Uninor's parent arms - realty major Unitech
and Norway's Telenor
- have amicably settled all legal disputes between them over the telecom joint venture's ownership.
The realty major will be disposing of its entire shareholding
in Uninor. In the joint venture, Telenor has 67.25 per cent stake, while Unitech's shareholding is 32.75 per cent.
"Telenor and Unitech are pleased to announce that on October 10, they have reached an agreement to amicably settle all disputes between the two parties," Unitech said in a statement.
According to the agreement, Unitech and Telenor have agreed to transfer the business in Unitech Wireless (which operates under Uninor brand) to a new entity controlled by the latter.
Unitech said it has "agreed to dispose of its shareholding in Uninor for a nominal amount" and its nominees will withdraw from the Uninor Board with immediate effect.
"Subsequent to a successful business transfer and spectrum auction, all disputes and claims between the parties would be withdrawn," the statement said.
Telenor had wanted to scrap the joint venture
and migrate the business to a new company
to seek fresh operating licences as Uninor's 22 telecom permits were among the 122 quashed by the Supreme Court in February.
Both the partners had filed cases against each other in courts and Company Law Board
With the settlement of disputes with Telenor
, Unitech Group will focus on its core business of real estate and monetise its land parcels across the country to enhance the stakeholder's value.
"We are pleased with the settlement reached between Unitech and Telenor. All existing disputes with Telenor are suspended and will be withdrawn upon successful transfer of business of Uninor to a new entity controlled by Telenor," Unitech Chairman Ramesh Chandra said.With inputs from PTI