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Income tax department attaches Unitech shares in Uninor

India,Business/Economy, Wed, 28 Mar 2012 IANS

New Delhi, March 28 (IANS) Mobile service provider Uninor Wednesday said the income tax department had "attached" shares owned by Unitech in its joint venture with Norway's Telenor company.


"Uninor is in receipt of notices from the Income Tax department stating that the shares owned by Unitech Ltd, through their companies Acorus, Cestos and Simpson, in our company have been attached," the company said in a statement.


Uninor clarified that the action of the tax department would not have any affect on its operations in the country.


Telenor and Unitech have been at loggerheads even before the Supreme Court ordered cancellation of 122 telecom licences including 22 owned by their joint venture.


The companies have even taken their issues to the Company Law Board.


According to reports, Unitech has sought about $150 million from Telenor to sell its 32.7 percent stake in the joint venture.


Telenor holds 67.25 percent stake in the venture and has spend almost $3 billion in India. The firm Tuesday said it will seek compensation for its investment if the license issue is not settled by the Indian government.


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