Welcome Guest Login | Register | Site Map | | Make TelecomTiger my homepage     
Telecom News
Enterprise |  Policy & Regulation |  Mobiles & Tabs |  Corporate |  VAS |  People Movement  |  Technology  |  LTE
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.

Other Stories in this Section
 mail this article    print this article    Show and Post comment
18 Apr 2018(IST)  
Maintain Business Continuity with Cisco ASR 9000 nV Technology
It is a virtual chassis solution where a pair of ASR 9000 routers acts as a single device by maintaining a single contr...read more
Simplify Your Network with Cisco ASR 9000 nV Technology
With the new Cisco Network Virtualization (nV) technology in the Cisco ASR 9000 Series Aggregation Services Routers, se...read more
Cisco Small Cell Solution: Reduce Costs, Improve Coverage
It is designed to address the challenge of mobile service coverage and to expand network capacity...read more