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I-T dept to move SC against Reliance Jio's plan to sell stake in tower arm

NCLAT had rejected govt argument that the move was illegally aimed to evade tax payment

Dev Chatterjee  |  Mumbai 

Reliance Jio Infocomm’s plan to reduce debt by selling stake in its telecom tower arm to Canadian investor fund Brookfield isn't free of the income tax (I-T) department hurdle. The latter plans to petition the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order of December 20 which cleared Jio's proposed demerger of tower and fibre optic network assets to two infrastructure trusts.

The clearance was in spite of I-T objections. The department argued that the proposed conversion of preference shares worth Rs 65,000 crore by Jio – by ...

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First Published: Tue, December 24 2019. 18:40 IST
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