Telecom service provider Uninor Wednesday slammed Unitech for opposing the proposed auction of its assets and said the move will in fact ensure full transparency in the transfer process.
Unitech has said the auction is a “circuitous” way for the joint venture partner and majority shareholder Norway-based Telenor to transfer assets to another one of its own entities.
Unitech has said that Uninor is continuing with the process in sheer disregard to the rights of minority shareholders and the laws of India.
But Uninor in a statement said: “This is an open auction where any party keen to acquire Uninor’s assets can bid and procure them. By agreeing to this process, in fact Telenor Group is voluntarily subjecting itself to competitive bidding for Uninor’s assets.”
“This method will ensure that no one can doubt the transparency of the process and claim that assets were transferred at an artificially presumed valuation or that only Telenor Group was given a selective or preferential invitation to procure them,” it added.
Earlier during the day Uninor had said it will auction its business and assets to get maximum possible returns for its investors.
The company has invited bids till August 6.
