Info-tech

RCom moves NCLT to withdraw merger scheme with Aircel

Our Bureau Mumbai | Updated on January 08, 2018 Published on October 04, 2017

The company, reeling under a debt of about Rs 46,000 crore, called off merger talks with Aircel, citing "legal and regulatory" delays.

Reliance Communications, which called off its merger with Aircel citing regulatory issues, has moved the National Company Law Tribunal (NCLT) seeking withdrawal of the merger scheme.

“Pursuant to the same, application for withdrawal of the said merger scheme has been filed with NCLT on October 3. Furthermore, as a consequence, the application for the withdrawal of the scheme of the demerger of the tower business under Reliance Infratel Ltd (RITL) has also been concurrently filed,” the company said in a statement.

The company’s tower demerger scheme would be taken up for application with the required changes in the due course, it added.

On Sunday, Rcom, reeling under a debt of about Rs 46,000 crore, called off merger talks with Aircel, citing "legal and regulatory" delays. However, the company outlined a separate plan for debt reduction by selling real estate and its tower and fibre businesses.

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Published on October 04, 2017
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