NEW DELHI: Nearly 15 months after Anil Ambani agreed to sell property of Reliance Communications to a telecom firm run via elder brother Mukesh, the two teams on Monday known as off the deal mentioning delays in approval from the federal government and lenders.
"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements nearly 15 months ago...," RCom stated in a regulatory submitting.
The reasons incorporated non-receipt of sees eye to eye / objections from RCom's over 40 foreign and Indian lenders relating to the proposed transactions even after 15 months and over 45 meetings, in addition to the non receipt of permissions and approvals from the telecom division.
Other components behind termination of agreements incorporated the verdict taken via the RCom Board on February 1, 2019 to seek rapid track answer of its overall debt during the National Company Law Tribunal, and order passed via the NCLAT on February 4, 2019 restraining the sale, switch or alienation of any movable or immovable assets of RCOM, RTL and RITL (RCom Group firms).
"The statements of the lenders, as recorded in the order dated 15th March 2019 of...NCLAT, that it is not possible for them to sell the specified assets, and therefore, the NCLT process for debt resolution should be reinstated," RCom stated mentioning other causes behind the verdict.
"RCOM Group is committed to a comprehensive resolution of their overall debt, with transparency, certainty and finality, through the NCLT process," it added.
In December 2017, RCom had signed a blockbuster maintain Reliance Jio for the sale of wireless spectrum, tower, fibre and media convergence nodes property - the proceeds of which have been to be used to pare its staggering Rs 46,000 crore debt.
Earlier today, Reliance Communications paid Rs 458.77 crore to Swedish telecom apparatus maker Ericsson as in line with SC directive - clearing exceptional dues and fending-off a prison term for its chairman Anil Ambani.
"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements nearly 15 months ago...," RCom stated in a regulatory submitting.
The reasons incorporated non-receipt of sees eye to eye / objections from RCom's over 40 foreign and Indian lenders relating to the proposed transactions even after 15 months and over 45 meetings, in addition to the non receipt of permissions and approvals from the telecom division.
Other components behind termination of agreements incorporated the verdict taken via the RCom Board on February 1, 2019 to seek rapid track answer of its overall debt during the National Company Law Tribunal, and order passed via the NCLAT on February 4, 2019 restraining the sale, switch or alienation of any movable or immovable assets of RCOM, RTL and RITL (RCom Group firms).
"The statements of the lenders, as recorded in the order dated 15th March 2019 of...NCLAT, that it is not possible for them to sell the specified assets, and therefore, the NCLT process for debt resolution should be reinstated," RCom stated mentioning other causes behind the verdict.
"RCOM Group is committed to a comprehensive resolution of their overall debt, with transparency, certainty and finality, through the NCLT process," it added.
In December 2017, RCom had signed a blockbuster maintain Reliance Jio for the sale of wireless spectrum, tower, fibre and media convergence nodes property - the proceeds of which have been to be used to pare its staggering Rs 46,000 crore debt.
Earlier today, Reliance Communications paid Rs 458.77 crore to Swedish telecom apparatus maker Ericsson as in line with SC directive - clearing exceptional dues and fending-off a prison term for its chairman Anil Ambani.
RCom, Reliance Jio terminate pact for sale of telecom assets
![RCom, Reliance Jio terminate pact for sale of telecom assets]()
Reviewed by Kailash
on
March 18, 2019
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