Team  SoOLEGAL

NCLAT stays till April 23 earlier order allowing RCom to sell tower and fibre assets

Team SoOLEGAL 19 Apr 2018 11:33am

NCLAT stays till April 23 earlier order allowing RCom to sell tower and fibre assets

New Delhi: RCom effort to pare its debt received a jolt as National Company Law Appellate Tribunal (NCLAT) bench headed by justice SJ Mukhopadhaya recalled its earlier order issued on April 6, 2018 allowing sale of tower and fibre assets to Jio. The tribunal will hear the matter next on April 23 and stay on sale of assets will remain till then.

The tribunal considered it prudent to call its order back as SC acting on the plea of minority shareholders HSBC Daisy Investments (Mauritius) had stayed the NCLAT order and put the onus on deciding the case on tribunal.

Justice Rohinton F Nariman had observed in the Supreme Court that the NCLAT shouldn’t have passed the order allowing sale of Reliance Infratel’s assets.

During the hearing at the tribunal, Justice Mukhopadhaya wanted to find out the scope of passing an interim order under Section 242 of the Companies Act , governing operational mismanagement. Lawyers from both Reliance Infratel and HSBC Daisy Investments (Mauritius) asked for more time to revert on this. The next date of hearing is on April 23.

HSBC Daisy Investments (Mauritius) owns about 4 percent shares in Reliance Infratel and has opposed sale of assets on the grounds that there is oppression of minority shareholders and operational mismanagement and the consent of the minority shareholders has not been taken before decision of selling assets. RCom in its defense says that worth of claim of minority shareholders was not more than Rs 200-300 crore.

Tagged: NCLAT   SC   RCom   Jio   HSBC Daisy Investments (Mauritius)  
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