New Delhi: Norway has issued a warning to India saying there could be political implications if telecom company Telenor is forced to move out because of the Supreme Court's scrapping of 2G licences and TRAI's recommendations on a fresh auction. Trond Giske, Norway Trade Minister, said, "This situation of license withdrawal have created obstacles in our future. It has even further political implications. I think that it will influence India."...
08:06 AM, May 13, 2012
New Delhi: The failure of Telenor's $3-billion investment in subsidiary Uninor will not only impact India's investment destination image but will also have political repercussions, Norway's Trade Minister Trond Giske said on Saturday. "If this investment fails, I think, it will be fair to say that it will influence the view of India as an investment country," Giske told reporters. "Telenor is not just any company. 54 percent of its...
04:41 AM, May 13, 2012
New Delhi: India on Saturday assured Norway that foreign investments will be protected amidst the Scandinavian nation saying it apprehended political implications if Telenor suffered losses due to adverse telecom developments in this country. Telecom Minister Kapil Sibal told the Norwegian Trade and Industry Minister, Trond Giske, that the Indian government is committed to protecting foreign investments and ensuring a robust roadmap for them. "There is absolutely no room for...
12:52 AM, May 13, 2012
New Delhi: Chiefs of top telecom firms, including Bharti Airtel and Vodafone, will meet Union Telecom Minister Kapil Sibal on Wednesday evening to discuss their concerns following the TRAI's recommendations on spectrum auction. According to a Telecom Department official, the meeting will take place at Sibal's residence. It will have Sunil Bharti Mittal, chairman and managing director, Bharti Airtel, Vittorio Colao, chief executive, Vodafone Group, Jon Fredrik Baksaas, chief executive...
04:57 PM, May 02, 2012
Oslo: Norwegian telecom company Telenor said it will write down USD 682 million (Norwegian Krone 3.9 billion) to remove accounting exposure to India due to uncertain business environment in the sector. The company said its decision follows spectrum auction recommendations by sectoral regulator TRAI after the Supreme Court had cancelled 122 telecom licences, including 22 of the Norwegian firm, in the 2G spectrum case. "As a precautionary measure, Telenor ASA...
02:53 PM, Apr 30, 2012
Hyderabad: Uninor on Saturday said it is optimistic that a solution to the 2G spectrum issues will be found even as the company has initiated search for a new Indian partner for setting up a new entity. "We see there will be a clarity on 2G spectrum auction process before June 2 and are hopeful that a solution will be found before June 2 (when its licences would terminate). At...
02:33 AM, Apr 22, 2012
New Delhi: The Company Law Board has allowed Unitech Ltd's plea to refer a dispute over its telecoms joint venture with Norway's Telenor for arbitration in Singapore, potentially delaying a resolution. Telenor said in a statement it was "surprised" by the Company Law Board's order and would challenge it in a higher court, adding its intention remained to establish a new venture in India. Telenor is seeking to scrap the...
04:01 PM, Apr 12, 2012
Mumbai: Unitech Ltd said it has applied to a local court seeking to restrain Norway's Telenor from investing in any new telecoms venture in India that would compete with companies' existing joint venture. Unitech, a property company, is also seeking an injunction against Telenor's plans to transfer the joint venture's business to a new company, it said in a statement on Friday, adding the move was aimed at protecting its...
02:50 AM, Mar 31, 2012
New Delhi: The Income Tax Department has seized shares of Unitech Group companies through which the realty firm holds stake in mobile telecom firm, Uninor. "We can confirm that Uninor is in receipt of notices from the Income Tax Department stating that the shares owned by Unitech Ltd, through their companies Acorus, Cestos and Simpson, in our company have been attached," Uninor said in a statement on Wednesday. Unitech, which...
06:20 PM, Mar 28, 2012
New Delhi: Norway's Telenor ASA, whose India joint venture is among companies that are set to lose their telecoms licences, on Tuesday said it sought to claim compensation for all investment, guarantees and damages from the Indian government. An earlier report had claimed that the Norwegian company had served a notice to the Indian government, claiming damages of nearly USD 14 billion. However, the Telenor ASA refuted the reports saying...
11:48 AM, Mar 27, 2012
New Delhi: Norwegian firm Telenor and its Indian partner Unitech have moved the Company Law Board (CLB) separately, trading charges against each other over control of their joint venture, Uninor. While Telenor said it wants to prevent any "wrongful obstruction" of its effort to secure its investments in the country, Unitech said its petition was to prevent the Norwegian firm from "assuming full control over the business including assets of...
07:27 PM, Feb 27, 2012
Oslo: Norway's Telenor on Tuesday dumped its Indian telecoms partner which it accused of "fraud and misrepresentation" and said it would migrate its Indian business into a fresh venture to seek new operating licences. The latest twist in the mobile phone licensing scandal came only weeks after Telenor said it might abandon India. The Supreme Court on February 2 revoked 22 mobile licences held by Telenor's Uninor joint venture in...
08:45 AM, Feb 22, 2012
New Delhi: Nearly three weeks after the Supreme Court quashed 122 telecom licenses, three of the most affected companies - S Tel, Telenor and Idea Cellular - on Tuesday separately announced plans that range from indications of shutting shop to seeking review of the apex court ruling. S Tel in a statement said it is helping its subscribers switch to other operators, a possible indication that the firm may be...
12:01 AM, Feb 22, 2012
New Delhi: Telenor Group is seeking indemnities from Unitech and a new local partner, reports CNBC-TV18's Siddharth Zarabi. There is no mention of the warranty claims or the amount that is sought as compensation. The press release talks about the share purchase agreement, share subscription agreement, at the time, when Telenor invested in this company. That, therefore, must definitely have a lot to say on that matter. Telenor is not...
08:47 AM, Feb 16, 2012
New Delhi: Following Supreme Court order that cancelled 122 2G licences terming them as illegal, the telecom ministry is likely to send letters to new operators for termination of their licences. This was discussed in the Department of Telecom's internal meeting to discuss the implications of the Supreme Court order and way forward in this regard. The members discussed various issues including sending communication to licencees for termination of licence...
08:31 PM, Feb 10, 2012
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