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Telenor asks Chandra to resign from Unitech Wireless board

Telenor asks Chandra to resign from Unitech Wireless board
PTI
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First Published: Fri, May 20 2011. 07 59 PM IST
Updated: Fri, May 20 2011. 07 59 PM IST
New Delhi: Signalling a further rift between realty company Unitech and Telenor, the Norway-based telco has asked Sanjay Chandra to step down from the Unitech Wireless board until the ongoing 2G scam trial is concluded.
“We have simply asked Sanjay to step down from the board until the ongoing trial is concluded since we believe it is the appropriate thing to do,” a Telenor spokesperson told PTI.
Chandra is in the judicial custody in relation with the 2G spectrum scam.
Unitech Wireless, which has started operations in 13 circles and offering services under brand Uninor, is a joint venture between Telenor (67.25% stake) and Unitech.
Telenor had earlier asked Chandra to step down as chairman of the Board of Directors in Unitech Wireless since he was named in the Central Bureau of Investigation (CBI) charge sheet in the 2G scam case.
The charge sheet also names Unitech Wireless for actions when it was a fully owned Unitech company, prior to Telenor Group entering India.
Telenor had asked Unitech to appoint a substitute for Sanjay Chandra for as long as the 2G court case is ongoing in India.
The two partners are also in tussle over a rights issue proposed by Telenor.
While the board of Unitech Wireless had approved the rights issue, Unitech has opposed it and moved to court against decision of Unitech Wireless board.
Court has stayed the rights issue approval by Uninor board. Telenor further approached court to vacate the stay.
Replying to a query on the rights issue, the Telenor spokesperson said, “Telenor has earlier proposed to the Gurgaon local court that the parties submit their differences to arbitration in accordance with the shareholder agreement... The Gurgaon district court case is still ongoing, the court adjourned last Saturday, and the next hearing is set for June 14.”
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First Published: Fri, May 20 2011. 07 59 PM IST