Reliance Com,appeals court orders that pause sale of assets

Reliance Com,appeals court orders that pause sale of assets

Anil Ambani owned Reliance Communications BSE 0.85 % (RCom) said it will take legal steps towards sale of assets keeping shareholders in mind and asked its secured lenders to ensure that asset monetisation is on track for recovery of their dues. The debt laden telco reiterated that unsecured lenders cannot ‘rank in higher priority than the undisputed claims of secured domestic and international lenders’.

The operator, which is in a hurry to pare its debt by selling off most of its debt by selling off most of its wireless assets to Reliance Jio by March-end, said that it will appeal against NCLT’s stay order on sale of its towers and optic fibre assets in National Company Law Appellate Tribunal. NCLT this week restrained Reliance Infratel from selling its towers and fibre to Jio for Rs 8,000 crore till further orders.

The order was passed when HSBC Daisy Investments, a minority shareholder, in Reliance Infratel claimed that any sale would lead to opreesion and mismanagenet.

RCom said it will take “necessary actions in the best interest of all the stakeholders”. The arbitration tribunal passed its order when Sweedish equipment maker Ericsson, which is demanding dues worth Rs 1,100 crore from the telco.

The operator said it is the onus of the secured lenders to take steps that would quicken the asset monetisation process.

“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,” said RCom in q regulatory filing on Wednesday.

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