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Supreme Court stays NCLAT order that allowed sale of RCOMs assets

April 16, 2018

The Supreme Court of India (SC) has stayed National Company Law Appellate Tribunal’s (NCLAT) order which allowed Reliance Communications’ (RCOM) towers and fibre assets, to be sold.

The SC agreed to hear the plea of HSBC Daisy Investments and some other minority shareholders who have about 4 per cent stake in Reliance Infratel, the tower arm of RCOM. The minority shareholders had challenged NCLAT's order on grounds that their consent was not sought.

The NCLAT has permitted the Joint Lenders Forum led by State Bank of India and Reliance Jio Infocomm Limited, the prospective buyer of RCOM’s tower and fibre assets, to reach an agreement on sale deed but not carry out the agreement till the final decision of the tribunal.

The appellate tribunal directed all the parties to cooperate in the process and deposit the sale amount in a separate escrow account. The stay order prohibiting RCOM from disposing of its towers was issued by the Mumbai bench of the National Company Law Tribunal (NCLT) owing to a plea by offshore investors of Reliance Infratel which alleged oppression of minority shareholders.

Recently, the SC cast away a stay imposed on the sale of RCOMs assets by the Bombay High Court. The SC allowed creditors to go ahead with the sale of RCOMs spectrum, fibre, real estate, and switching nodes but asked the operator to approach the NCLT to get past the stay on the sale of its telecom towers.


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