NCLAT recalls order that allowed sale of RCom's tower and fiber assets
Posted on 18th April 2018 |
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The National Company Law Appellate Tribunal (NCLAT) on Wednesday recalled its previous order which allowed debt-ridden Reliance Communications to proceed with the sale of its tower and fibre assets.
The sale of these businesses form an important part of the overall Rs 250 billion asset monetisation blueprint of the troubled company.
The appellate tribunal would start its hearing on the plea of Reliance Infratel (RCom's subsidiary that runs the tower and fibre businesses) from April 23 over sale of its businesses.
"In view of the order passed by the Supreme Court, dated April 16, 2018...interim order dated April 6, 2018 is recalled," said NCLAT bench headed by Justice S J Mukhopadhaya.
NCLAT had on April 6 partially allowed sale of the businesses, which was challenged by HSBC Daisy Investments (Mauritius) Ltd.
The apex court on April 16 stayed the order allowing the sale.
In December 2017, Mukesh Ambani-led Reliance Jio had struck a mega deal to acquire mobile business assets including spectrum, mobile towers and optical fibre network of RCom, owned by his younger brother Anil Ambani. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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