Both the partners had filed cases against each other in courts and Company Law Board. Telenor wanted to scrap the JV with Unitech and migrate the business to a new company to seek fresh operating licences as the JV's 22 telecom permits were among the 122 quashed by the Supreme Court in February. It will also withdraw its nominees from Uninor board. The realty company which ventured into telecom with a tie-up with Uninor says it will sell its entire shareholding to the Norwegian firm.

Stay tuned for more information regarding the lawsuit.New Delhi: Realty firm Unitech on Thursday said it has amicably settled all disputes over its telecom joint venture Uninor with Norway's Telenor and it would exit from telecom joint venture with Norway's Telenor by disposing of its entire shareholding in Uninor. Things are not looking good on the Indian side of the Telenor, Unitech JV, and chances are it might be a downhill run for the Indian service provider. For the indemnity part of the lawsuit, Telenor is claiming damages for the failure on Unitech’s part to obtain spectrum in the Delhi circle, which they considered to be a critical location. They are now seeking compensation for all their investment, guarantees and damages caused by the recent Supreme Court ruling regarding the licenses. Telenor is not backing down and the company is still holding string to the claims that Unitech is still liable for a breach of warranties related to the cancellation of the licenses. A Unitech nominee was also quoted as saying that - the court also has not concluded any wrong-doing on the part of the licensee companies. Unitech is obviously not letting this slide and reports say that the company does not believe that they have breached any warranties as the Supreme Court ruling was a government policy and they can’t be held accountable. In addition to Telenor suing Unitech for a whopping $14 billion, they are also slated to be on the lookout for another partner to tie up with in India. This meeting was to ensure that the Norwegian player was given ‘fair treatment’ in the SC ruling. This release was issued on March 6, 2012.Ī little later on it, we also reported that Norway’s information technology minister, Rigmor Aasrud was in India to meet with Indian telecom minister, Kapil Sibal to discuss Telenor’s part in the proceedings. The same report also spoke of the Head of the Telenor Asia operations and Executive Vice President, Sigve Brekke together with representatives of Uninor employees, said that Telenor was a long-term telecom operator in India and that the Uninor spirit was even stronger than before. That has apparently come to a bit of an abrupt end, it seems. A previous release from the company claimed that at their Uninor end - leadership and the employees are still highly motivated to continue the fight for its operations in India.

Thanks to the cancellation of 22 of their licenses, Telenor felt that they “didn’t have a future” with their current tie up and has sought “indemnity and compensation” from their Indian counterparts. For example, Unitech, an Indian real estate company, who is tied to Norway’s major telecom provider, Telenor, and has been providing services in India under the brand name Uninor has just been slapped with a hefty $14 billion lawsuit. With the recent Supreme Court ruling regarding mobile phone service providers' licenses being revoked, aside from their own personal financial downfall in this case, some have it still worse than others.

Unitech moneycontrol