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England and Wales High Court (Commercial Court) Decisions
You are here: BAILII >> Databases >> England and Wales High Court (Commercial Court) Decisions >> Telenor East Holding II AS v Altimo Holdings & Investments Ltd & Ors  EWHC 735 (Comm) (01 March 2011)
Cite as:  ArbLR 9,  EWHC 735 (Comm)
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QUEEN'S BENCH DIVISION
Strand, London, WC2A 2LL
B e f o r e :
| Telenor East Holding II AS
|- and -
|Altimo Holdings & Investments Ltd
Altimo Cooperatief UA
(instructed by Orrick, Herrington & Sutcliffe (Europe) LLP) for the Applicant
Huw Davies Esq, QC, Stephen Houseman Esq and Anton Dudnikov Esq
(instructed by Skadden, Arps, Slate, Meagher & Flom LLP)
for the First & Second Respondents
Mark Howard Esq, QC and Oliver Jones Esq
(instructed by Akin Gump LLP) for the Third Respondents
Hearing dates: 25th February 2011
Crown Copyright ©
Mrs Justice Gloster, DBE:
"6. If the Respondents agree in writing with the Applicant a procedure whereby any resolution for the approval of the authorisation and issuance of Shares in connection with the Project Varsity transaction also includes the approval of the authorisation and issuance to the Applicant of the Pre-Emptive Right Shares, with those Shares to be held in escrow to abide the determination of the pending arbitral proceedings, then nothing in this order shall prevent any person taking any step to implement the agreed terms."
"If the case is one of urgency, the court may, on the application of a party, or proposed party, to the arbitral proceedings make such orders as it thinks necessary for the purpose of preserving evidence or assets."
"In any case, the court shall only act if or to the extent that the arbitral tribunal and any arbitral or other institution or person vested with power in that regard has no power or is unable for the time being to act effectively."