Unitech drags Telenor to company law board
Real estate major Unitech Group has dragged its telecom parter Telenor to the CLB alleging mismanagement in operations of the joint venture by the Norwegian partner, giving another twist to the already strained relation between them.
Alleging that the actions of Telenor and its executives Sigve Brekke, Yogesh Sanjeev Malik, Richard Olav and Jan Edvard Thygensen, who are on the board of Unitech Wireless (Tamil Nadu) as “oppressive” and “malafide”, the petition alleged that Telenor is not running the business in the best interest of the joint venture.
“The present action is being instituted in order to protect and safeguard the interests of the company whose affairs are being conducted in a matter prejudicial to its interests,” the petition said. Unitech Group’s petition would come up on Thursday for hearing, according to the officials of the Company Law Board.
This petition is to also safeguard the rights of the Unitech and its subsidiaries which are being violated by Telenor and its executives.
