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The National Company Law Appellate Tribunal (NCLAT) has dismissed a contempt petition filed by HSBC Daisy Investments (Mauritius) against Reliance Communications Chairman Anil Ambani and its tower unit Reliance Infratel alleging non-payment of dues.
Ruling out any case for contempt, a two-member bench headed by NCLAT Chairperson Justice SJ Mukhopadhaya, dismissed the contempt plea against Ambani and certain company officials.
HSBC Daisy had moved the appellate tribunal over an alleged default of ₹230 crore by Reliance Infratel. In June 2018, the Anil Ambani group firm had agreed to settle the dues in the next six months.
In July 3, 2019, NCLAT had reserved its order saying that it will decide whether the contempt petition should be admitted as RCom and its units are facing bankruptcy proceedings. While the payment didn’t materialise after six months, HSBC Daisy had filed a contempt plea.
HSBC Daisy, along with a clutch of other investors, holds nearly 4 per cent stake in RCom’s subsidiary Reliance Infratel.
Separately, HSBC Daisy moved the Mumbai Bench of the National Company Law Tribunal (NCLT) in October 2017, under Sections 397 and 398 of the Companies Act, 1956, alleging oppression of minority shareholders and mismanagement.
Ericsson lawsuit
In a separate development, RCom lenders led by the State Bank of India (SBI) have decided to seek a refund of ₹579.77 crore that the debt-laden company paid to Swedish telecom gear manufacturer Ericsson. In April this year, NCLAT had stated that Ericsson may have to refund the amount in case RCom heads for insolvency proceedings.
“Though lenders have decided to seek the amount, however, it cannot be considered as preferential transaction for the reason that the said amount was paid on direction of court as part of contempt proceedings,” said Daizy Chawla, Senior Partner at Singh & Associates.
Earlier in January, RCom deposited ₹118 crore with Supreme Court Registry as partial payment of the dues it owes to Ericsson. It paid a total of ₹579.77 crore to Ericsson which had moved a bankruptcy court in 2017, accusing RCom of not paying ₹1,500 crore in dues for a seven-year contract to manage and operate its network. The deal was signed by an Indian unit of Ericsson in 2013.
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