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Stay on RCom fibre, towers sale continues till April 23 after NCLAT recalls earlier order
TT Correspondent |  |  18 Apr 2018

In a setback to Reliance Communications, the telco will be unable to sell its fibre and towers till atleast April 23 after the National Company Law Appellate Tribunal (NCLAT) Wednesday recalled its April 6 order that allowed the sale.

The Appellate court will now hear the matter of RCom seeking removal of the stay on the sale of those assets - housed under Reliance Infratel - which was issued by the National Company Law Tribunal, on April 23.

As things stand, the NCLT order of March 12, barring the sale of tower and fibre assets held by Reliance Infratel continues for now.

The order was passed on the petition filed by HSBC Daisy Investments (Mauritius) Ltd, accusing the company of oppression of minority shareholders and mismanagement.

The NCLAT had on April 6 allowed the joint lenders group led by SBI to proceed with the sale of assets to Reliance Jio and to deposit the sale proceeds in a separate escrow account, an order which it recalled Wednesday.

HSBC Daisy had approached the Supreme Court, challenging the NCLAT order of 6 April that had cleared the execution of the RCom-Jio deal. On Monday, the apex court had stayed the order, saying that the order should not have been passed.

HSBC Daisy Investments is a minority shareholder (4.26 per cent) in Reliance Infratel Ltd., an RCom subsidiary that runs the tower and fiber businesses.

    
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18 Apr 2018(IST)  
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