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Reliance Communications updates on assets monetisation programme

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Communications announced an update on the recent development relating to Assets Monetisation programme of the Company by the lenders:

1. Jio Infocomm (RJIO) has received an approval of the (CCI) for the sale of Tower, Optic Fibre, Spectrum and MCN assets of the Company and its subsidiaries to RJIO.

2. On 12 March 2018, the National Company Law Tribunal, Mumbai Bench has stayed the tower and Optic Fibre Assets sale to RJIO based on the petition filed by 4.26% minority investors of Infratel, a subsidiary of the Company.

The Company will appeal for vacation of such stay before shortly after receipt of the detailed order. There is no stay for sale of Spectrum, MCN and of the Company.

3. The appeal filed by the Company before Hon'ble Bombay High for stay of assets monetization passed by in the matter of Master Service Agreement has been dismissed by the The Company has just received written order of the Hon'ble and will take necessary actions in the best interest of all the stakeholders of the Company.

The Company expects the Secured Lenders of the Company will also take appropriate steps for the expeditious completion of processes transparently run by the lenders for monetization of their securities and realization of their dues.

As legally advised, the claims of minority investors of Reliance Infratel, subsidiary of the Company and / or unsecured vendors cannot under any circumstances rank in higher priority than the undisputed claims of secured domestic and international lenders and any stay granted in this regard is not defensible in law and is liable to be vacated.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 09:12 IST