Supreme Court stays NCLAT order on partial sale of RCom assets to Reliance Jio - News Summed Up

Supreme Court stays NCLAT order on partial sale of RCom assets to Reliance Jio


Reliance Communications can, however, sell or transfer spectrum, media convergence nodes and real estate (at New Delhi, Chennai, Kolkata, Jigni and Tirupati) as part of the asset sale deal with Reliance Jio. Photo: Abhijit Bhatlekar/MintNew Delhi: The Supreme Court on Monday stayed a National Company Law Appellate Tribunal (NCLAT) order that had allowed for partial sale of assets of Reliance Communications Ltd (RCom) to Reliance Jio Infocomm until the tribunal decides on the case. The top court order effectively halts the RCom-Jio deal worth Rs25,000 crore to the extent of sale of tower and fibre assets. HSBC Daisy Investments (Mauritius) Ltd approached the Supreme Court, challenging the NCLAT order of 6 April that had cleared the execution of the RCom-Jio deal. NCLAT’s order of 6 April had come a day after the Supreme Court set aside a Bombay high court order that had stayed the sale of the telecom firm’s assets.


Source: Mint April 16, 2018 14:54 UTC



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