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Supreme Court stays NCLAT Order on RCom’s Tower Assets Sale To Jio

The Supreme Court today stayed the order of National Company Law Appellate Tribunal which had allowed Reliance Communications (RCom) to sell its tower business of subsidiary Reliance Infratel Limited to Reliance Jio. The apex court agreed to hear the plea of HSBC Daisy Investments (Mauritius) Ltd which owns a little over 4% in Reliance Infratel. The NCLAT had allowed banks to enter into a sale agreement for RCom’s assets on April 6 and ordered the proceeds of the sale be held in an escrow account until it decides on a dispute with HSBC Daisy. RCom was look to reduce its debt burden by as much as Rs 25,000 crore by sale of its tower, fibre cable and other assets to Reliance Jio.

Read More at Bloomberg Quint News date : 16 Apr 2018, Monday

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