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Sale of spectrum and fibre in public interest; Reliance Infratel tells NCLAT

May 11, 2018

Reliance Infratel, the tower arm of Reliance Communications (RCOM) has stressed the importance of the sale of its towers and fibre asserts to Reliance Jio Infocomm Limited (RJIL) to pare debt, before the National Company Law Appellate Tribunal (NCLAT). The company held that the sale was in public interest. The company’s views were backed by its lenders consortium lead by the State Bank of India (SBI).

The sale is currently on hold due to an ongoing case between Reliance Infratel and minority shareholder HSBC Daisy Investments. According to HSBC Daisy Investments, the lenders had no locus standi in the matter.

The NCLAT bench also questioned the SBIs locus standi citing that SBI should go for mortgaged assets to recover dues. The bench said that SBI should go to insolvency court instead as the present case involved oppression of minority stakeholders in the company.

The case will be heard next on May 14, 2018 whereas HSBC Daisy Investments and minority shareholders will argue their side on May 16, 2018 and 17, 2018. The bench was hearing Reliance Infratel’s appeal against an NCLT order which barred it from selling its tower and fibre assets.

The deal which includes the sale of its wireless assets including fibre, towers, spectrum and network nodes for about Rs 180 billion will be used to trim RCOM’s debt of Rs 450 billion.

 
 

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