NCLAT adjourns hearing on Reliance Infratel asset sale to 2 May
Reliance Infratel’s asset sale form an important part of the overall Rs25,000 crore asset monetisation blueprint of the troubled company
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned to 2 May its hearing on the Reliance Infratel petition seeking permission to sell its tower and fibre assets.
Counsel appearing in the matter sought the adjournment following which a NCLAT bench headed by Justice S.J. Mukhopadhaya directed it to list on 2 May. On 18 April, the tribunal had recalled its previous order which allowed debt-ridden Reliance Communications to proceed with the sale of its tower and fibre assets.
The sale of these businesses form an important part of the overall Rs25,000 crore asset monetisation blueprint of the troubled company. NCLAT had on 6 April partially allowed sale of the businesses, which was challenged by HSBC Daisy Investments (Mauritius) Ltd.
The apex court on 16 April stayed the order allowing the sale. In December 2017, Mukesh Ambani-led Reliance Jio had struck a mega deal to acquire mobile business assets including spectrum, towers and optical fibre network of RCom, owned by his younger brother Anil Ambani.
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.
Editor's Picks »
- How HDFC Life, SBI Life, ICICI Prudential differed in their Q2 results
- Q2 results: HCL Tech’s growth improves but acceleration is key
- Bajaj Finance’s strong Q2 results fails to impress investors
- Optimism on tractor sales deflating despite normal monsoon
- Hindustan Zinc dividend payout offsets dull Q2 results