Amidst the ongoing controversy over 2G telecom license of Uninor, differences have emerged between stakeholders, Telenor and Unitech Wireless, with the matter going to the court.

Norwegian firm Telenor, which holds 67.25 per cent stake in the joint venture, has said it will approach Indian courts after its partner Unitech obtained a stay on a rights issue by Uninor.

In a statement, Telenor spokesperson said, "There is, however, now a stay order which halts the rights offer process. Telenor Group is petitioning the court to vacate the stay order so the decision of the company''s board can be implemented and Uninor gets the funds it needs".

The spokesperson added that the Board of Directors of Uninor had decided to initiate the process of a rights offer to meet Uninor's funding requirements.

A rights issue is a way in which a company can sell new shares in order to raise capital. Shares are offered to existing shareholders in proportion to their current shareholding, respecting their pre-emption rights.The price at which the shares are offered is usually at a discount to the current share price, which gives investors an incentive to buy the new shares.

Unitech has termed the decision of Uninor Board as a decision of Telenor. "Unitech has obtained a stay order on certain actions, which Telenor was proposing to take, which Unitech believes are not in the best interests of the shareholders. The court has recognised the merits in the viewpoint of Unitech," a Unitech spokesperson said.

The company spokesperson did not elaborate on the matter citing the matter is sub-judice but added that it will continue to remain a stakeholder in the company.

Meanwhile, Telenor spokesman said: "We trust that both shareholders will be committed to the future success of Uninor and we believe that the stay order will be lifted soon so that Uninor can proceed with the rights offer process and continue its strong development in India".

In October 2008, Telenor has picked up 67.25 per cent stake in Uninor though four rounds of funding. Telenor has invested Rs 6,135.63 crore in Uninor so far.

In the first phase, Telenor invested Rs 1,250 crore in Unitech Wireless for a 33.5 per cent stake followed by Rs 1,130 crore for a 15.5 per cent stake.

Subsequently it invested Rs 1,493 crore for a further 11.1 per cent stake and the rest coming in fourth round.