Barcelona: Norwegian firm Telenor CEO Jon Fredrik Baksaas on Tuesday discussed the Supreme Court verdict cancelling all 22 licenses of Uninor, its Indian telecom venture, with Telecom Minister Kapil Sibal on the sidelines of the Mobile World Congress here.
Uninor is a joint venture of Telenor with real estate firm Unitech. Telenor holds 67.3 per cent stake in JV.
"The minister (Sibal) understands the situation and how sensitive it is... While the minister seems to grasp the gravity of the situation, I can't say I feel secure about solving this issue yet, and all options in India are still open," Baksaas told reporters here.
Telenor and Unitech have been embroiled in a legal battle for a long time. On February 21, Telenor had announced plans to set up a new company for carrying out its Indian operations, dumping its Indian partner.
It has also sought damages from Unitech accusing it of "fraud and misrepresentation" of facts based on which it had invested over Rs 6,000 crore in the joint venture.
Yesterday, both Telenor and Unitech moved petitions before the Company Law Board (CLB) in New Delhi to remove or restrain each other's representatives from their JV.
Telenor has requested for the "exclusion" and "removal" of Unitech MD Sanjay Chandra and his two other nominees from the "management and administrative affairs of Uninor", while requesting divestment of four group firms of real estate player Unitech from their share holding of Uninor.
Meanwhile, Unitech had requested CLB to maintain the status quo of Uninor, and not allow the transfer its assets to any other company without its consent.
The cross petitions are scheduled to be heard by CLB on Thursday.