After a week-long hearing, the Company Law Board (CLB) today reserved its verdict on the petition of realty major Unitech seeking arbitration in its dispute with Norwegian telecom firm Telenor over control of their joint venture Uninor.
CLB Chairman Justice B R Deshmukh reserved his order after the submissions of both the sides - Unitech and Telenor - ended. The judgment could come next week.
Last week, Unitech had moved a petition to CLB seeking arbitration on the ongoing dispute with Telenor, which holds over 67% stake in Uninor.
Telenor opposed the Unitech's petition contending that once plaintiff (Unitech) files a suit, it has no right to refer the case for arbitration.
Uninor is among the telecom players whose licenses were cancelled by the Supreme Court. Telenor had blamed the Indian partner Unitech for a breach of warranties. The matter went to the CLB, which is hearing a cross petition filed by the two parties.
Meanwhile, Unitech has moved a district court in Gurgaon seeking an injunction against its Norwegian partner Telenor's plan to transfer Uninor's assets to a new entity.