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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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. … Read More
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 … Read More
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