"I want to inform this court that there is a happy resolution," senior advocate Rajiv Nayyar appearing for Telenor Asia Pte Ltd told Justice Indermeet Kaur.
Responding to the submission of the Norwegian telecom major, the counsel for Unitech Ltd said, "It is a complete and comprehensive settlement between the parties. We (Unitech Ltd) have also given up our right in the JV Uninor as per the terms of the settlement. The nominee Directors of Unitech Ltd will step down (from the board of Uninor)."
Telenor and Unitech Ltd, which have stake in proportion of 67:33 in their JV Uninor, have been at loggerheads and pursuing various litigations against each other, besides arbitration proceedings being held at Singapore, following the cancellation of its 22 2G spectrum licenses by the apex court.
In an unexpected move both the firms arrived at the settlement on October 10 and told the court that their petitions on the sale of the JV have become infructutous as a result.
Both the firms pleaded the court that the settlement agreement be kept in a sealed cover and the common public be not allowed to have a look at it.
The plea was allowed by the court.
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The settlement agreement contains the affidavits of all the firms concerned.
In view of the amicable solution arrived at by the parties, the order of the Company Law Board (CLB) by which the auction of Uninor was stayed is set aside, the court said. (MORE)