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In a setback to Anil Ambani-controlled Reliance Communications, the National Company Law Tribunal (NCLT) on Monday stayed the asset sales of its subsidiary Reliance Infratel’s (RITL) till April 6.
RCom, which was expecting to complete the asset sale by March-end, now intends to move the appellate tribunal to vacate the stay.
NCLT, hearing the petition, directed RITL to file a reply within three weeks, while it set the next date of hearing as April 6. RITL has been directed not to go ahead with the asset sales till then.
The Tribunal was hearing a petition filed by HSBC Daisy Investments (Mauritius) Ltd in October 2017 under Sections 397 & 398 of the Companies Act, 1956. The company had moved the Mumbai bench of NCLT, alleging oppression of minority shareholders and mismanagement.
HSBC Daisy Investment, along with a clutch of other investors, holds nearly 5 per cent stake in the company.
“We intend to file an appeal immediately before the NCLAT for vacation of the stay to protect the interests of our secured lenders. It is to be noted the stay granted by NCLT today relates only to RCom’s tower and fibre assets, and does not apply to spectrum, Media Convergence Nodes and real estate among others,” RCom said in a statement.
“We expect our secured lenders to also take appropriate steps for the expeditious completion of processes transparently run by lenders for monetisation of their securities, and realisation of their dues. As legally advised, the claims of minority investors and or unsecured vendors cannot under any circumstances rank in higher priority than the undisputed claims of secured domestic and international lenders, and any stay granted in this regard is not defensible in law and liable to be vacated,” it added.
In December, debt-laden RCom entered into an agreement to sell its assets – 43,000 towers, 1.78-lakh route km of optical fibre cable network, 122.4 MHz of spectrum in the 800, 900, 1800 and 2100 MHz bands and 248 Media Convergence Nodes – to Reliance Jio Infocomm.
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