New Delhi, Oct 11 (IANS) Norway's telecom major Telenor and India-based Unitech have reached an agreement to amicably settle all disputes between the two parties, the Delhi High Court was Thursday informed.
The two firms run telecom business in India -- Uninor -- under a joint venture with Telenor holding over 67 percent share and Unitech the rest.
Justice Indermeet Kaur allowed the dispute settlement agreement to be filed by both firms.
"In terms of the settlements as contained in the settlement agreement, parties shall be bound by the application dated Oct 10," the court said.
Senior counsel Rajiv Nayyar, appearing for Telenor, told the court that there was a "happy resolution" of disputes.
The court was hearing the Telenor plea against a stay order of the Company Law Board (CLB) on the auctioning of Uninor's assets. The court said that in view of the amicable settlement, the order of the CLB is set aside.
Earlier this year, Telenor served a notice on Unitech and sought compensation from the firm following the Supreme Court's order to cancel 122 telecom licences.
"It can be confirmed that the parties agree to support the transfer of the business in Unitech Wireless (Uninor) to a new entity controlled by Telenor," Telenor said in a statement.
Telenor is preparing to participate in the upcoming 2G spectrum auction through this new entity, but will take a final decision on whether to participate at a later date.
The dispute between the two companies escalated after the Supreme Court in February scrapped 122 2G licences, include the 22 allotted to Uninor.