Realty firm Unitech and its estranged telecom partner, Norway's Telenor on Monday exchanged proposals inside the closed chambers of the Company Law Board (CLB) chairman on probable sale or purchase of shares in their joint venture company Uninor.
CLB Chairman B R Deshmukh ordered proceedings of the case to be held in-camera on Monday on the request of Unitech. Mediapersons were not allowed during the proceedings.
During on Monday's proceedings, senior advocate U K Chaudhary, appearing for Unitech, requested a closed door proceedings on account of the secrecy of the business proposals to be discussed. He said the company was listed and any wrong information in the public domain regarding such proposals can bring down its value. This was accepted by CLB.
According to the legal sources, during the inchamber proceedings, both sides exchanged some proposals. The detail could not be ascertained.
On March 13, the CLB had asked Unitech to inform by on Monday whether the realty firm wanted to buy Telenor's stake in Uninor or sell its stake to the Norwegian telecom firm.