Photo: ReutersMumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday directed Reliance Infratel Ltd, a subsidiary of Reliance Communications Ltd (RCom), to stay the sale of its assets until 13 March. The tribunal was hearing a petition filed by offshore investors of Reliance Infratel led by HSBC Daisy Investments (Mauritius) Ltd, which are alleging oppression of minority shareholders and mismanagement. After hearing the arguments of Reliance Infratel, overseas investors and the joint lenders’ forum of RCom, the NCLT division bench of B.S.V. Earlier, on 20 February, Reliance Infratel had agreed to share details of the deal to sell its assets to Jio with shareholders led by HSBC Daisy. These investors are seeking an exit from Reliance Infratel at fair market value.

Source: Mint March 07, 2018 20:48 UTC