NCLT stays Reliance Infratel asset sale to Jio until further orders

Market - The Mumbai bench of the National Company Law Tribunal (NCLT), on Monday evening, stayed the sale of Reliance Infratel Ltd’s (R-Infra) assets until further orders. The NCLT also dismissed petitions filed by Reliance Infratel which sought to put a stop to the tribunal’s hearings on the proposed sale of its assets to a third-party, in lieu of debt resolution.

Reliance Infratel is a subsidiary of Anil Ambani led Reliance Communications (RCom). The company plans to sell its assets, through a binding agreement, to Reliance Jio Infocomm Ltd (RJio) as per a debt resolution plan approved by lenders in December 2017. Reliance Jio is controlled by Mukesh Ambani, Anil Ambani’s older brother.

The NCLT Mumbai bench heard the petition filed by the overseas investors of Reliance Infratel, wherein the lead petitioner in the case HSBC Daisy Investments (Mauritius) Ltd, who along with the other shareholders, has alleged oppression of minority shareholders and mismanagement under Section s397 and 398 of the Companies Act, 1956.

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