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Sneha Bhardwaj March 19th, 2019 9:19 AM 0 COMMENTS

RCom Clears Rs 458 Crore Outstanding Dues to Ericsson, Fends Off Possible Jail Term for Anil Ambani

A day before the expiry of Supreme Court set deadline, Reliance Communications on Monday paid Rs 458.77 crore to Swedish telecom equipment maker Ericsson, clearing outstanding dues and fending-off a possible jail term for its billionaire Chairman Anil Ambani. Sources close to RCom said the payment was made to Ericsson Monday evening, a day before the four-week deadline set by the Supreme Court to clear dues expires. An Ericsson spokesperson... Read More

Sneha Bhardwaj March 13th, 2019 6:09 PM 1 COMMENTS

NCLAT Reserves Order on RCom Regarding Release of Income Tax Refunds

The National Company Law Appellate Tribunal on Wednesday reserved its order on a petition by Reliance Communications which has approached the tribunal seeking the release of income tax refunds to clear dues of Ericsson. Lenders of RCom have opposed the plea, as we have reported earlier today. After hearing both the sides, the NCLAT bench headed by Chairperson S J Mukhopadhyay reserved the order in the case. Senior lawyer Kapil... Read More

Sneha Bhardwaj March 13th, 2019 10:49 AM 0 COMMENTS

RCom Lenders Contend Before NCLAT to Have First Right Over Rs 260 Crore Received as Income Tax Refund

Lenders of Reliance Communications (RCom) on Tuesday contended before the NCLAT that they have the first right over Rs 260 crore, which the debt-ridden company has received as the income tax refund. The SBI along with other members of Joint Lenders' Forum (JLF) said that under the RBI guidelines, they have the right over the retention and trust account in which the refunds have been deposited. A two-member bench headed... Read More

Sneha Bhardwaj February 21st, 2019 6:33 PM 0 COMMENTS

RCom Asked to Clear Dues of Rs 453 Crore to Ericsson Within Four Weeks

Observing there was a 'wilful default', the Supreme Court on Wednesday held Anil Ambani, chairman of Reliance Communications (RCom), guilty of contempt of court and ordered the debt-laden company to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a three-month jail term. In a verdict that came as a setback to Ambani, the apex court also pulled up the industrialist for... Read More

Sneha Bhardwaj February 5th, 2019 11:01 AM 1 COMMENTS

NCLAT Allows Ericsson to File its Objection Over RCom’s Plea to Proceed With Insolvency Process

The National Company Law Appellate Tribunal (NCLAT) on Monday allowed telecom gear maker Ericsson India to file its objection by February 8 over Reliance Communications' plea to proceed with insolvency process. A two-member bench headed by Chairman Justice S J Mukhopadhaya also said that until further orders of the NCLAT or the Supreme Court, no one could sell, alienate, or create third party rights over RCom's assets. "Until further orders, the... Read More

Sneha Bhardwaj February 3rd, 2019 7:47 PM 0 COMMENTS

RCom to Propose a Debt Resolution Plan to NCLT

Reliance Communications on Sunday said it would propose a similar debt resolution plan to the National Company Law Tribunal that it had been pursuing outside the court. The Anil Ambani-led company last week announced that it would file for bankruptcy proceedings as it failed to sell its assets for paying back its lenders. "RCom's management will propose a similar Debt Resolution Plan in the National Company Law Tribunal (NCLT) process,... Read More

Sneha Bhardwaj February 1st, 2019 8:52 PM 8 COMMENTS

RCom to Opt for Insolvency Proceedings, Spectrum Deal With Jio Likely Cancelled

Reliance Communications will opt for insolvency proceedings as it failed to sell assets to pay for its debt, the Anil Ambani-led telecom company said Friday. "RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company said in a statement. The Board of Directors of RCom Friday reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June... Read More

Sneha Bhardwaj January 8th, 2019 10:22 AM 1 COMMENTS

Supreme Court Seeks Response from RCom on Contempt Plea by Ericsson

The Supreme Court on Monday sought the response from Reliance Communications (RCom) Chairman Anil Ambani on a contempt plea by telecom company Ericsson for its failure to pay outstanding dues of about Rs 550 crore. The top court bench of Justice Rohinton Fali Nariman and Justice Vineet Saran sought response from Ambani on the contempt plea by Vishal Garg -- the authorised representative of Ericsson India -- who has contended... Read More

Chakri K January 7th, 2019 12:57 PM 0 COMMENTS

RCom Accuses Ericsson of Attempting Media Trial and Sensationalising Dues Recovery Issue

Debt-laden Reliance Communications on Sunday accused Swedish telecom gear maker Ericsson, which is an operational unsecured creditor of the company, of attempting media trial and sensationalising the issue of dues recovery, saying it might put the interest of even secured lenders at risk. The Anil Ambani-led telecom firm, however, said it remains committed to clear dues of Ericsson from spectrum realisation. However, the approval for the same is pending with the... Read More

Sneha Bhardwaj January 4th, 2019 10:02 PM 2 COMMENTS

RCom and Jio Approach DoT Seeking Clarification on Spectrum Trading Deal

Ambani brothers led telecom firms are learnt to have approached jointly telecom ministry seeking clarification on the stand of the government over their spectrum trading deal, industry sources said Friday. "Reliance Jio and Reliance Communications have jointly written to the Department of Telecom seeking clarification on its stand over spectrum trading deal between the two companies," an industry source told PTI. Another source said Mukesh Ambani-led Reliance Jio has reiterated... Read More

Sneha Bhardwaj December 31st, 2018 3:17 PM 1 COMMENTS

RCom and Jio Extend the Terms of Agreement for Spectrum Sale

Reliance Communications and Reliance Jio announced Monday that they have extended the terms of an agreement for sale of wireless assets of the Anil Ambani owned firm. The move comes at a time when Reliance Communication's spectrum sale deal has been hanging fire, pending requisite clearance from the telecom department. "Reliance Jio Infocomm Limited, a subsidiary of Reliance Industries Limited, extended the term of the definitive agreement for the acquisition... Read More

Arpit Sharma December 24th, 2018 11:58 AM 0 COMMENTS

Reliance Jio 4G LTE Network Might Suffer After RCom Spectrum Trading Deal Fallout: Experts

With the Department of Telecommunications not approving the Reliance Communications and Reliance Jio deal, the spectrum trading contract fell through. After this affair, it seems that RCom is not the only telecom operator to suffer the blow of this setback. As per an ET Telecom report, analysts and experts have said that Reliance Jio’s services will experience disruption if the Mukesh Ambani-led telco does not acquire the spectrum from Reliance... Read More