New Delhi: Unitech Ltd, facing trial in the 2G spectrum allocation case, had readied itself four months in advance with the demand draft to secure the government's letters of intent (LoIs) for grant of radio waves to it, a former executive of the firm told a Delhi Court on Wednesday. Mohit Gupta, who worked as an executive in Unitech Ltd from March 2007 to May 2010, told the court that...
04:59 AM, Apr 26, 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: A joint team of the Enforcement Directorate and the CBI will travel to the tax haven nation of British Virgin Islands in connection with its probe against various entities in the 2G spectrum allocation case. The team will leave for the island nation on March 9 after the ED obtained certain leads in the investments made by real estate firm Unitech in the foreign country and also about...
06:32 PM, Mar 07, 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
Mumbai: The Nifty took a breather on Thursday after three days of a stellar rally that pushed the benchmark index to six-month high of 5540. A gush of liquidity or Hot Money as we call it, of close to USD 4 billion, has made its way into the Indian market so far. The investor's appetite towards risky assets has also improved over the past two months. The hopes of rate...
09:16 AM, Feb 16, 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: Concerned over the impact of the recent Supreme Court verdict cancelling 122 2G licences, Norwegian IT Minister Rigmor Aasrud has sought an appointment with her Indian counterpart to discuss the issue as the government braces itself up for diplomatic parleys. Aasrud, Norwegian minister of government administration, IT and church reforms, arrived in the national capital on Sunday on a "pre-scheduled visit". "The visit had been planned for more...
04:46 PM, Feb 06, 2012
Oslo: Norwegian telecom firm Telenor could quit India now after the Supreme Court revoked its mobile licences and not wait for new market rules to be introduced, the company's chief executive told. The Supreme Court on Thursday revoked 122 telecoms licences issued under a scandal-tainted 2008 sale, including 22 licences Telenor holds via Uninor, a joint venture with real estate firm Unitech. Affected licence holders can operate for four months,...
11:50 PM, Feb 02, 2012
New Delhi: The Delhi High Court on Tuesday issued notice to CBI and sought its response on the plea of DB Realty MD Vinod Goenka challenging the order on framing of charges against him by the trial court in the 2G scam case. "Issue notice to CBI for March 13," Justice M L Mehta said while admitting the petition of Goenka. Goenka was arrested on April 20, 2011 for his...
12:34 PM, Jan 24, 2012
New Delhi: The Delhi High Court on Monday issued notice to the CBI seeking its response by March 13 on the plea of Sanjay Chandra, MD of Unitech Ltd and an accused in 2G case, for quashing of charges framed against him by the trial court. "Issue notice to the CBI," a bench of Justice ML Mehta said. Chandra had moved the high court against the October 22, 2011 order...
11:45 AM, Jan 09, 2012
Noida: Scores of farmers on Sunday stalled the ongoing construction work of residential complexes at Noida sector 45, demanding higher compensation for their land as ordered by the Allahabad High Court in October. Farmers from Sadarpur and adjoining villages, under the banner of Abadi Bachao Kisan Sangarsh Samiti, stopped the construction work of Amrapali, NRI, Prateek and Unitech builders. The court had on October 21 cancelled land acquisition in three...
08:43 AM, Dec 12, 2011
New Delhi: DB Realty, Reliance Communications and Unitech rallied sharply after the Supreme Court granted bail to five corporates accused in 2G case. Ex-managing director of Unitech, Sanjay Chandra and DB Realty's Vinod Goenka, and Anil Dhirubhai Ambani group's top executives Gautam Doshi, Hari Nair and Surendra Pipara were granted bail on Wednesday. Each corporate will file two sureties of Rs 5 lakh each. DB Realty shot up 20 per...
11:28 AM, Nov 23, 2011
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