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

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

Premium

3 min read Last Updated : Dec 24 2019 | 9:44 PM IST

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 cancelling and then converting these into loans — would

Topics : Reliance Jio Jio RJio NCLAT Supreme Court tax payment

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in