"The interested bidders may note that the nominee directors if Unitech Ltd and its affiliated companies, the minority shareholders of the company, have recorded their dissent to such an auction," the notice said. Unitech hold 32.75% stake in Uninor. Uninor said "an open auction will also remove any dispute around the real valuation of the Uninor business". Valuation of Uninor has been a major bone of contention between Telenor and Unitech. Unitech is willing to exit Uninor but feels the valuation put by Telenor was a fraction of Uninor's real worth. Uninor spokesperson said that the value realised from auction will be divided among stakeholders in the ratio of their shareholding pattern. Telenor, which had accused Unitech of "fraud and misrepresentation" after the licence cancellation order, contested Unitech's claims that it had veto rights to block any asset transfer.