NCLAT lifts stay on sale of RCom’s telecom towers, fibre

In yet another relief to Reliance Communications, the National Company Appellate Law Tribunal (NCLAT) on Friday vacated a stay granted by the NCLT, Mumbai, on the sale of telecom towers and fibre asset in favour of Mauritius-based HSBC Daisy Investments.

SC relief

This paves the way for sale of ₹25,000 crore worth of RCom’s assets to Reliance Jio as the Supreme Court on Thursday had already vacated the stay in relation to spectrum, MCNs (media convergence nodes) and real estate. “By an interim order passed today, the NCLAT has vacated the remaining stay, and allowed execution of sale deeds and deposit of the proceeds with SBI in an escrow account,” RCom said in a statement. The distribution of proceeds of only the tower and fibre would be subject to the final decision of the NCLAT on April 18, 2018. The claim of minority investors in the tower and fibre sale proceeds, which RCom said is “fully disputed”, could be about ₹200 crore to ₹300 crore. HSBC Daisy owns a little more than 4% in RCom’s tower unit, Reliance Infratel Ltd. RCom is confident of achieving overall debt reduction of ₹25,000 crore within the next few weeks, from the first phase of the asset monetisation programme.

RCom shares on the BSE closed 4.28% higher at ₹24.35 in a firm Mumbai market on Friday.