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Minority shareholder moves SC against NCLAT order allowing sale of RCom assets to Jio

Team SoOLEGAL 10 Apr 2018 11:47am

Minority shareholder moves SC against NCLAT order allowing sale of RCom assets to Jio

New Delhi : In what may be termed as one last desperate attempt to put legal spoke on the sale of RCom asset to Jio, HSBC Daisy Investments (Mauritius)  Ltd, minority offshore shareholder in Reliance Infratel, has moved SC asking for a stay against order by National Company Law Appellate Tribunal (NCLAT) allowing for sale of towers and optic fibre network.

In a recent order, SC had allowed partial sale of assets-real estate and other assets of RCom to Jio.For sale of assets like towers and optic fibre network, the SC asked the company to take approval from NCLAT which RCom secured a day after SC order.

RCom,is battling insolvency and has debt of about Rs 45,000 crore on the books and by selling assets worth Rs 25,000 crore to Jio, it would be able to pay back loans it had taken from banks.

The plea has been accepted and the matter will come up for hearing in SC on April 19.  


Tagged: SC   NCLAT   RCom   Jio  
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