Norwegian firm Telenor, the majority partner in Uninor, has asked Sanjay Chandra to step down from the post of chairman of Unitech Wireless in the wake of ongoing 2G court case.
Uninor is a joint venture between Telenor and Indian firm Unitech Wireless Limited, a subsidiary of realty firm Unitech.
"Telenor Group has earlier this month sent a letter to Unitech Ltd, requesting Sanjay Chandra to step down as Chairman of the Board of Directors in Unitech Wireless," Telenor said in a statement.
Telenor Group has asked Unitech to appoint a substitute for Sanjay Chandra for as long as the 2G court case is going on in India.
"Withdrawing from the Chairman position is the most appropriate and decent thing for Sanjay Chandra to do, given the current circumstances. It is of vital importance that the running business of our Indian operation is not hampered," said Glenn Mandelid, Director of Communications for Telenor Group region Asia in the statement.
"As a responsible shareholder, Telenor believes that Unitech, in the best interest of Unitech Wireless, should appoint a replacement for Sanjay Chandra as soon as possible," Mandelid added.
The Central Bureau of Investigation (CBI) charge-sheet names the managing Director of Unitech, Sanjay Chandra, and also names Unitech Wireless for actions when it was a fully owned Unitech company, prior to Telenor Group entering India.
Telenor has invested Rs 6,100 crore in Unitech Wireless and holds 67.25 per cent ownership share. |