Telenor,bought,fresh,shares,Un business, insurance Telenor bought fresh shares: Unitech
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Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-qformat:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin-top:0in;mso-para-margin-right:0in;mso-para-margin-bottom:10.0pt;mso-para-margin-left:0in;line-height:115%;mso-pagination:widow-orphan;font-size:11.0pt;font-family:"Calibri","sans-serif";mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;}Unitech Wireless,along with Swan Telecom, have raised suspicion within the agencies probing the2G spectrum scam for joining hands with foreign companies soon after the freshlicenses and spectrum were issued by key accused A Rajas telecoms ministry.Purportedly ripping off large profits, Swan Telecom, a telecoms firm floated byShahid Balwa of DB Realty, sold a 45 percent stake to UAE-based Etisalat for Rs4,500 crore after biting in into the Indian telecoms industry by paying just Rs1,537 crore to the government.Unitech joined hands with the Norway-based Telenor group, but it says noexisting shares were offloaded to its partner. Unitech asserts that Telenorinvested in new shares to form the joint venture only after it had donesignificant work to establish the telecoms business.The Telenor Group has invested Rs 6,135 crore in fresh shares over four roundsof investments, linked to milestones, to hold 67.25 percent stake in theventure, says Unitech officially.It adds that the first round of investments from Telenor, to form thejoint-venture Uninor, were made in March 2009, 13 months after licenses wereissued in February 2008, and the last round was made in February 2010, onlyafter receiving necessary clearances.But even before entering its partnership with Telenor, Unitech had incurred thelicense fee, substantial pre-operating expenses, interest costs and had giventhe bank guarantee, it said.It had established corporate offices in Noida and project offices in fivecircles, filled up the top posts including the that of the CEO, tied up morethan 40,000 towers, ordered equipment and implemented IT Services contracts.Unitech defended the investments by Telenor saying that the additional capitalremains within Uninor which being a serious player in the market, and likeother telecoms operators, funded its business operations through a mix ofequity and loan.The companys stand comes in symmetry with the legal defence pitched by Unitechmanaging director Sanjay Chandras advocate, veteran lawyer Ram Jethmalani, whothis week tried to distance him from other accused in the 2G spectrum scam.At a bail hearing for the in-custody Chandra in the Delhi High Court on Monday,Jethmalani said that his clients case was on "on a differentfooting" from the other accused in the 2G spectrum scam.A special court of the Central Bureau of Investigation (CBI) had earlierrejected interim bail pleas after hearing the applications moved by Chandra,Vinod Goenka of Swan Telecom, and three officials of Reliance - Gautam Doshi,Hari Nair and Surendra Pipara.
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