#telenors

"I don't have any exact timeframe, but of-course there are certain steps and processes that we need to follow so it will take some months. It will not happen this year," Brekke, who is also the chief executive of Unitech Wireless told Reuters.He said "yes" when Reuters asked if the rights issue will definitely happen next year.Telenor owns 67.25 percent of the joint venture while Indian real estate firm Unitech owns the remainder.The rights issue has been delayed after Unitech obtained a court's "stay order", which Telenor said has been cleared by another Indian court, allowing the to proceed with the planned issue. . ($1 = 48.955 Indian Rupees)

"I don't have any exact timeframe, but of-course there are certain steps and processes that we need to follow so it will take some months. It will not happen this year," Brekke, who is also the chief executive of Unitech Wireless told Reuters.He said "yes" when Reuters asked if the rights issue will definitely happen next year.Telenor owns 67.25 percent of the joint venture while Indian real estate firm Unitech owns the remainder.The rights issue has been delayed after Unitech obtained a court's "stay order", which Telenor said has been cleared by another Indian court, allowing the to proceed with the planned issue. . ($1 = 48.955 Indian Rupees)

Telenor has said the rights issue is to secure long-term funding for the venture as bank loans to the telecoms sector have dried up after a graft scandal.Unitech, which is India's No.2 listed property firm, said Telenor last November refused a long-term debt of 90 billion rupees ($1.8 billion) from India's top lender State Bank of India and was now seeking to "enforce" a rights issue.Unitech said the joint venture does not now need funds. It also said Telenor and its executives were not running the business in the best interest of Uninor and its workforce.A Telenor spokesman for Asia did not return calls.The joint venture Unitech Wireless and Unitech's managing director, Sanjay Chandra, are among the three companies and 14 people charged by Indian police in a massive telecoms licensing scandal. All accused have denied any wrongdoing.Telenor has said the events described in the police charges predate its investments in India.The Company Law Board is an independent quasi-judiciary body that rules on corporate matters.