NCLT to decide on RCom-Aircel merger on 10 August
Mumbai: The National Company Law Tribunal (NCLT) would pronounce its judgement on Reliance Communications Ltd’s (RCom) merger with Aircel Ltd on 10 August.
The tribunal reserved its verdict on Thursday after all the parties concluded their arguments including the Department of Telecommunications (DoT), financial creditors, operational creditors and the telecom companies.
The creditors have given a conditional nod to the merger, with China Development Bank (CBD) stating that no assets will be transferred post the merger.
DoT reiterated that the department would not be able to clear the deal before the parties get a clearance from the Supreme Court. The apex court on 6 January had restrained Aircel from transferring or selling its license.
The proposed merger will remove Rs25,000 crore of debt from the books of RCom, which has total debt of around Rs45,000 crore.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.