With the National Company Appellate Law Tribunal (NCLAT)’s vacating stay on Reliance Infra’s tower, fibre sale, Anil Ambani -led Reliance Communications' worries have come down. But NCLAT has asked Reliance Infra to deposit the sale proceeds in an escrow account of the State Bank of India (SBI).
Earlier, the Supreme Court gave a partial relief to Reliance Communications, permitting it to sell most of its assets to Mukesh Ambani-owned Reliance Jio Infocomm.
The tribunal has fixed April 18 for the final hearing in the case.
RCom whas to pay debt of Rs 45,000 crore from the sale of its infrastructure, and had moved the Supreme Court on March 19 against orders of the Bombay High Court and NCLT barring it from selling its wireless assets to Reliance Jio. The SC had then directed RCom to approach the NCLAT to get the NCLT stay vacated.
Source: http://cablequest.org/index.php/news/telecom-news/item/12663-nclat-lifts-stay-on-reliance-infra%E2%80%99-stower-fibre-sale
The tribunal has fixed April 18 for the final hearing in the case.
RCom whas to pay debt of Rs 45,000 crore from the sale of its infrastructure, and had moved the Supreme Court on March 19 against orders of the Bombay High Court and NCLT barring it from selling its wireless assets to Reliance Jio. The SC had then directed RCom to approach the NCLAT to get the NCLT stay vacated.
Source: http://cablequest.org/index.php/news/telecom-news/item/12663-nclat-lifts-stay-on-reliance-infra%E2%80%99-stower-fibre-sale
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