Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
The Committee of Creditors (CoC), tasked with finding buyers for the Anil Ambani-promoted Reliance Communications (RCom), has approved a resolution plan of all the group companies with an “absolute majority”.
“The approvals for all the group companies —– RCom, Reliance Telecom Ltd (RTL) and Reliance Infratel Ltd (RITL) —- came in with a 100 per cent majority as against the mandatory 66 per cent as the voting ended today. The Resolution Professional will file the results of voting with the National Company Law Tribunal tomorrow,” a source close to the development told BusinessLine.
The voting results have to be tabled by March 4, the deadline set earlier by NCLT, another source said.
The board of State Bank of India (SBI) — the lead lender to RCom — had earlier approved a resolution plan and has now voted in favour of the plan.
RCom was referred to NCLT in last May after an offer from the Mukesh Amabni-controlled Reliance Jio Infocomm (RJio) for its assets was not approved by the creditors.
RJio and securitisation firm UV Asset Reconstruction Co Ltd (UVARCL) were the highest bidders for RCom assets at the CoC meeting held on January 13, 2019. RJio had bid for about ₹4,700 crore for the tower and fibre assets held by RITL.
UVARCL had bid ₹14,000 crore for spectrum, real-estate assets and enterprise and data centre businesses held in by RCom and RTL.
A total of 38 lenders of RCom will recover about 70 per cent or ₹23,000 crore of their outstanding ₹33,000 crore of secured debt, while loans of Chinese lenders will fall by nearly 65 per cent or ₹8,000 crore to ₹4,000 crore from ₹12,000 crore, according to the resolution proposal.
In addition, the lenders will clawback the priority payments of ₹4,300 crore made to Chinese lenders (₹1,300 crore) and Indian lenders (₹3,000 crore).
Of the total 2,542 cases admitted under Insolvency and Bankruptcy Code (IBC) since December 2016, only 156 plans have been approved, while 587 went to liquidation and 1,497 cases are still pending.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor