Key Developments: Unitech Ltd (UNTE.NS)
25.20INR
23 May 2013
Rs-3.10 (-10.95%)
Rs30.65
Rs28.00
Rs28.00
Rs25.05
58,287,168
37,592,285
Rs40.90
Rs18.10
Latest Key Developments (Source: Significant Developments)
Unitech Ltd And Telenor ASA Reaches Settlement-DJ
Dow Jones reported that Telenor ASA and Unitech Ltd have reached an agreement to amicably settle all disputes between the two parties. The parties are bound by confidentiality obligations, and are therefore not able to provide any further comments on specific terms and conditions in the settlement. However, it can be confirmed that the parties agree to support the transfer of the business in Unitech Wireless (Uninor) to a new entity (NewCo) controlled by Telenor. Unitech Ltd. has agreed to dispose of its shareholding in Uninor for a nominal amount. Unitech Ltd. shall also continue to retain its economic rights associated with its current shareholding in Unitech Wireless. Full Article
Telenor ASA Partner Unitech Ltd Agrees To Exit JV;-Reuters
Reuters reported that Unitech Ltd the Indian partner of Norwegian telecommunications group Telenor ASA has agreed to sell its share of their mobile phone joint venture (JV), the Indian company said, in what it termed as an amicable settlement after months of dispute. Unitech has agreed to sell its stake in the joint venture, which operates under the Uninor brand, for a nominal amount, it said in a statement to Indian stock exchanges on October 11, 2012. The Company declined to comment on terms and conditions. It said the two companies had agreed to transfer the joint venture's assets to a new entity controlled by the Norwegian company. Full Article
Unitech Ltd Does Not Recommend Dividend
Unitech Ltd announced that it has not recommended any dividend for the financial year 2011-2012. Full Article
Telenor ASA Plans to Exit from Joint Venture with Unitech Limited-DJ
Dow Jones reported that Telenor ASA plans to end its joint venture with Unitech Limited before India starts the process of auctioning mobile-phone frequencies. Telenor is already in discussions with some firms to finalize a new partner. Telenor owns 67% of Unitech Wireless, while Unitech holds the remaining part. The companies have a legal dispute over control of the joint venture. Full Article
Unitech Limited Puts On Hold Demerger Of Infrastructure Business-The Economic Times
The Economic Times reported that Unitech Limited has put on hold its plans to demerge the infrastructure vertical indefinitely on account of sluggishness in economy. Full Article
Unitech Limited Announces Withdrawal Of Scheme Of Arrangement
Unitech Limited announced that the Board of Directors of Unitech Limited approved a scheme of arrangement on April 20, 2010 where in two of Unitech's wholly owned subsidiaries viz. Unitech Holdings Limited and Aditya Properties Private Limited (collectivelyreferred to as the Amalgamating Companies) were proposed to be merged with Unitech. Further,as a partofthe same scheme of arrangement, it was proposed to demerge Unitech's infrastructure business into a wholly owned subsidiary of Unitech viz.Unitech Infra Limited (formerly known as Unitech Realty Conglomerate Limited). Full Article
Unitech Limited Announces Appointment Of Auditors
Unitech Limited announced that it has appointed M/s Goel Garg & Co., Chartered Accountants as statutory Auditors of the Company. Full Article
Unitech Limited Files Petition Against Partner Telenor ASA-Financial Chronicle
Financial Chronicle reported that Unitech Limited had filed a petition before the Company Law Board in India, alleging mismanagement of the venture by Telenor ASA and its key executives, escalating a rift between the partners. Telenor and Unitech have been at loggerheads over a planned $1.7 billion rights issue in the joint venture (JV), which trades under the Uninor brand name. Telenor owns 67.25% of the joint venture and Unitech owns the remainder. The joint venture does not now need funds. It also said Telenor and its executives were not running the business in the best interest of Uninor and its workforce. Full Article
Unitech tries to bring Libor into dispute with Deutsche
LONDON - Real estate developer Unitech wants to add allegations linked to the manipulation of Libor to an existing dispute with Deutsche Bank, in a move that could set a precedent for cases against other banks.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
