new delhi real estate major unitech has filed a petition before company law board clb against its partner telenor alleging its involvement in the mismanagement of the joint venture company uninoruninor is a jv between norways telecom major telenor which owns 6725 stake and unitech which holds the rest 3275 unitechs petition will come up for hearing on thursday according to clb officials both the partners are also fighting a court battle over mode of financing of the companys expansion plan while unitech is insisting on debt route to fund the expansion plan telenor wants to take the equity routethere was an unsuccessful attempt earlier to block the rights issue through a legal process that went up to the supreme court of india as we have done earlier we will present the facts in this new legal initiative taken by unitech a telenor statement saidin its application to clb unitech said to enforce a rights issue on unitech telenor and its key executives have made the uninors board to approve and adopt a ten years business plan which is outright unilateral malafide selfserving premature and aimed at artificially depressing the valuation of the companyunitech also submitted that the business plan projects a disastrous future for the company it takes the business to the brink it further said in the business plan unitech alleged that the rate of return of uninor is projected in the negative 11 the petition said the business plan by telenor is not only contrary to the annual business plan adopted by the board on january 4 2011 but is also highly prejudicial to the interests of the company and that of the petitioners it saidthe petition also alleged that uninor whose management is controlled by telenor failed to fulfill the business obligation such as launch of services in various circles it also said the present management of uninor indulges in inaccurate recording of board minutes and declined video recording of board meetingsaccording to the petition direct consequence of depression of the value of the company by the business plan is that it greatly reduces value of petitioners holding in the company and effectively nullifies entire investment made by them into the company the depressed value also prejudices unitechs ability to raise loans against their shares pledge their shares or to obtain a fair market value of their shares the petitioners interests are therefore being gravely prejudiced so that telenor can increase its holding in the company while diluting unitechs at a grossly depressed value telenor said the uninor board having followed prescribed processes has asked its owners to invest more in the company in the absence of bank loans however unitech alleged that uninor management did not avail the rs 9000 crore loan from sbi when it was available