RCom shares jump after Mukesh Ambani bails out brother Anil on Ericsson dues; rises as much as 10%
6 years ago

RCom shares jump after Mukesh Ambani bails out brother Anil on Ericsson dues; rises as much as 10%

Firstpost  

RCom called off the sale of its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Mukesh Ambani, citing failure to get approvals from lenders and the government. Shares of Anil Ambani-led Reliance Communications Ltd were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off debt owed to Sweden’s Ericsson. India’s richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of Rs 550 crore to Ericsson. The Supreme Court had last month ordered Anil Ambani and two RCom directors to pay Ericsson Rs 450 crore within four weeks or face a three-month jail term for contempt of court.

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History of this topic

AGR case: SC seeks details of spectrum users of bankrupt telcos
4 years, 7 months ago

AGR case: SC seeks details of spectrum users of bankrupt telcos

Live Mint  

NEW DELHI: The Supreme Court on Friday asked bankrupt telecom companies, including Reliance Communications Ltd, Aircel Group and Videocon Telecommunications Ltd, to furnish details of those using spectrum with insolvent firms. A bench headed by Justice Arun Mishra asked Shyam Divan, counsel representing the resolution professional of RCom, that if Reliance Jio has been using the spectrum with RCom and …

Lenders to Reliance Naval seek EoIs for sale of Anil Ambani company
4 years, 9 months ago

Lenders to Reliance Naval seek EoIs for sale of Anil Ambani company

Live Mint  

MUMBAI: Lenders of Reliance Naval and Engineering Ltd have sought expressions of interest from buyers to acquire the bankrupt shipbuilder under the insolvency and bankruptcy code. The second Anil Ambani-controlled Reliance Group firm to go for insolvency after Reliance Communications Ltd, Reliance Naval was admitted for insolvency proceedings on 15 January by the Ahmedabad bench of the National Company Law …

Now General Atlantic invests in Jio, Here is how Mukesh Ambani is charting RIL's zero-debt journey
4 years, 10 months ago

Now General Atlantic invests in Jio, Here is how Mukesh Ambani is charting RIL's zero-debt journey

India Today  

Reliance Industries Limited boss Mukesh Ambani has been a busy man ever since he announced plans to make RIL a “zero-debt” company by March 2021. Besides that, the mega Rs 53,125 crore rights issue is also part of the plan to make RIL a zero-debt company by the deadline. It may be noted that this is India’s first rights issue …

Mukesh Ambani aims to turn Reliance into zero net debt firm by Dec, ahead of target
4 years, 10 months ago

Mukesh Ambani aims to turn Reliance into zero net debt firm by Dec, ahead of target

India TV News  

Billionaire Mukesh Ambani has accelerated the timeframe for wiping out Rs 1.61 lakh crore of net debt at his Reliance Industries by bringing in strategic investors in key businesses as well as committing more equity. In an investor and media call post announcement of the company's fourth-quarter earnings, RIL's Joint Chief Financial Officer Srikanth Venkatachari said, "The zero net debt …

RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%
5 years, 1 month ago

RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%

Firstpost  

RCom’s secured debt is estimated to be around Rs 33,000 crore. New Delhi: The Committee of Creditors of Reliance Communications on February 24 will put to a vote asset bids received from UV Asset Reconstruction Company and Reliance Jio from which lenders are expected to recover around Rs 23,000 crore, according to sources privy to the development. UV Asset Reconstruction …

Reliance Jio, UVARC emerge highest bidders for RCom assets; lenders expect to recover Rs 25,000 cr
5 years, 2 months ago

Reliance Jio, UVARC emerge highest bidders for RCom assets; lenders expect to recover Rs 25,000 cr

Firstpost  

Reliance Jio has placed Rs 4,700-crore bids for mobile tower and fibre assets of Reliance Infratel Ltd, a subsidiary of RCom New Delhi: UV Asset Reconstruction Company and Reliance Jio have emerged as highest bidders in asset sale process of debt-ridden Reliance Communications from which lenders expect to recover Rs 25,000 crore, according to banking sources. Reliance Jio has placed …

Bharti Airtel, two others bid for bankrupt RCom’s assets
5 years, 3 months ago

Bharti Airtel, two others bid for bankrupt RCom’s assets

Live Mint  

Bharti Airtel Ltd, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Ltd have submitted their resolution plans for Reliance Communications Ltd that is undergoing insolvency proceedings. According to information available on the RCom’s website, the company owed financial creditors ₹49,193.46 crore at the time of being taken to bankruptcy court in May last year. Reliance Communications’ assets include spectrum, …

Airtel, Reliance Jio submit bids for debt-ridden RCom telecom assets; Committee of Creditors to meet today
5 years, 3 months ago

Airtel, Reliance Jio submit bids for debt-ridden RCom telecom assets; Committee of Creditors to meet today

Firstpost  

RCom’s secured debt is estimated to be around Rs 33,000 crore. New Delhi: Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications, according to banking sources involved in the process. RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company …

Reliance Communications lenders reject resignation of Anil Ambani, 4 other directors
5 years, 4 months ago

Reliance Communications lenders reject resignation of Anil Ambani, 4 other directors

India TV News  

Reliance Communications on Sunday said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors, and asked them to cooperate in the ongoing corporate insolvency resolution process. The filing further said: ".it is being duly communicated to the aforesaid directors of RCom that their resignations have not been accepted and they are advised to continue to …

Anil Ambani, 4 directors resign from Reliance Communications; firm going through insolvency process
5 years, 4 months ago

Anil Ambani, 4 directors resign from Reliance Communications; firm going through insolvency process

Firstpost  

Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, New Delhi: Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, according to a regulatory filing. The company, which is going through insolvency process, had made a profit of …

Anil Ambani resigns as director of Reliance Communications
5 years, 4 months ago

Anil Ambani resigns as director of Reliance Communications

India TV News  

Anil Ambani resigns as director of Reliance Communications Anil Ambani has resigned as director of Reliance Communications, the debt-ridden company said in a filing on Saturday. According to the filing, Ambani along with Chhaya Virani, Ryna Karani, Manjari Kacker, Suresh Rangachar have resigned as directors of RCom. Anil Ambani has resigned as director of Reliance Communications, the debt-ridden company said …

Anil Ambani resigns as director of Reliance Communications
5 years, 4 months ago

Anil Ambani resigns as director of Reliance Communications

India Today  

A day after details of losses incurred by Reliance Communications in the second quarter of 2019-2020 were made public, Reliance Communications on Saturday said Anil Dhirubhai Ambani resigned as the company's director. "Your good office is hereby informed of the resignations tendered by the following directors of Reliance Communications Limited: Anil D Ambani, Chhaya Virani, Ryna Karani, Manjari Kacker and …

Rejig of group structure at RIL paves way for Jio stake sale
5 years, 4 months ago

Rejig of group structure at RIL paves way for Jio stake sale

Live Mint  

Mumbai: A potential stake dilution in Reliance Jio Infocomm Ltd via an IPO or to a strategic investor is among the primary reasons behind the creation of wholly-owned digital subsidiary announced by Reliance Industries on Friday. The subsidiary will acquire RIL’s equity investment of ₹65,000 crore in its telecom subsidiary Reliance Jio Infocomm Ltd. Consequent to the above, RJIL will …

Anil Ambani inducts sons Anmol, Anshul on Reliance Infra board as directors; retd Lt Gen Syed Alta Hasnain too joins board
5 years, 5 months ago

Anil Ambani inducts sons Anmol, Anshul on Reliance Infra board as directors; retd Lt Gen Syed Alta Hasnain too joins board

Firstpost  

A company spokesman attributed the induction of the junior Ambanis to respect the wishes of the shareholders who during the recent AGM asked the management to get fresh blood into the company by bringing them on board. The company has also appointed retired Army officer Lt Gen Syed Ata Hasnain as an independent director on the board of the company, …

Anil Ambani's sons, Anshul & Anmol appointed RInfra directors
5 years, 5 months ago

Anil Ambani's sons, Anshul & Anmol appointed RInfra directors

India TV News  

Anil Ambani-led Reliance Group has inducted both the sons-Anmol and Anshul d--as directors on the board of infrastructure vertical RInfra. Anmol has been on the board of Reliance Capital since August 2016, while the younger one, Anshul joined group this January, and has been actively involved in all operations of RInfra, including a special focus on the defence business, working …

Anil Agarwal's Twin Star Tech not to bid for debt-ridden RCom's assets; to make formal announcement soon
5 years, 7 months ago

Anil Agarwal's Twin Star Tech not to bid for debt-ridden RCom's assets; to make formal announcement soon

Firstpost  

RCom lenders have claimed dues of around Rs 49,000 crore on the company till May 2019. New Delhi: Billionaire metal tycoon Anil Agarwal-promoted Twin Star Technologies is learnt to have pulled out as a bidder for telecom assets of debt-ridden Reliance Communications due to unknown reason, a source privy to the development said on Thursday. Twin Star Technologies, a holding …

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials
5 years, 8 months ago

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials

Firstpost  

New Delhi: The National Company Law Appellate Tribunal on Wednesday reserved its order over the admission of a contempt petition filed against Reliance Group Chairman Anil Ambani and its other officials by minority shareholders alleging non-payment of dues by Reliance Infratel. A two-member bench, headed by NCLAT Chairman Justice S J Mukhopadhaya, said it will decide whether the contempt petition …

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May
5 years, 10 months ago

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May

Firstpost  

At the last hearing, RCom had sought 357 days exclusion in the insolvency process citing the stays it had on the process by the NCLAT and the Supreme Court. Mumbai: The National Company Law Tribunal on Thursday allowed Reliance Communications to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs …

NCLAT to decide over insolvency plea of debt-ridden RCom; tribunal to consider DoT's reply on 30 April
5 years, 11 months ago

NCLAT to decide over insolvency plea of debt-ridden RCom; tribunal to consider DoT's reply on 30 April

Firstpost  

Earlier on 4 February, the tribunal had said that until further orders of the NCLAT or the Supreme Court, no one can sell, alienate, or create third-party rights over RCom’s assets. Swiss telecom gear maker Ericsson, which received its unpaid dues of Rs 550 crore from RCom last month following a Supreme Court order, is opposing the move. A two-member …

Reliance vs Ericsson: Unsecured Creditor Walks Away With Money; Banks Clueless About Recovery
6 years ago

Reliance vs Ericsson: Unsecured Creditor Walks Away With Money; Banks Clueless About Recovery

Live Law  

In the scheme of the Insolvency and Bankruptcy Code, the claims of operational creditors rank lower than the claims of secured financial creditors.But in the recent Reliance-Ericsson dispute, the unsecured operational creditor managed to upstage the financial creditors. Ericsson Indian Pvt Ltd, an operational creditor of Reliance Communications, has managed to claim nearly 50% of its dues by going through …

Mukesh Ambani: India's richest man pays $77m to save brother from jail after helping put him out of business
6 years ago

Mukesh Ambani: India's richest man pays $77m to save brother from jail after helping put him out of business

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

’Deeply grateful’: Anil Ambani thanks his brother Mukesh Ambani for paying Ericsson dues
6 years ago

’Deeply grateful’: Anil Ambani thanks his brother Mukesh Ambani for paying Ericsson dues

Live Mint  

Asia’s richest man Mukesh Ambani has helped his younger brother avert a stint in jail, stepping in to make an $80 million payment for his sibling Anil whose telecom-to-infrastructure empire is struggling under the weight of debt. The embattled former billionaire, Anil Ambani, thanked his brother Mukesh, and his sister-in-law, after Reliance Communications Ltd. completed the required ₹5.5 billion payment …

Reliance Communications jumps after Mukesh Ambani bails out brother Anil
6 years ago

Reliance Communications jumps after Mukesh Ambani bails out brother Anil

Live Mint  

Shares of Anil Ambani-led Reliance Communications Ltd were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off debt owed to Sweden's Ericsson. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of ₹5.5 billion to Ericsson. RCom called …

Anil Ambani Avoids Prison As Reliance Clears Ericsson Dues Before SC Deadline
6 years ago

Anil Ambani Avoids Prison As Reliance Clears Ericsson Dues Before SC Deadline

Live Law  

With Reliance Communications paying Rs.462 crores to Ericsson before the deadline fixed by the Supreme Court, its Chairman Anil Ambani has avoided imprisonment, reports the Economic Times. As per the ET report, Ericsson's lawyer confirmed receipt of the payment.On February 20, the Supreme Court had held Ambani and three Reliance companies guilty of contempt of court for not complying with. …

RCom pays ₹460 crore to settle Ericsson dues
6 years ago

RCom pays ₹460 crore to settle Ericsson dues

Live Mint  

Mumbai: Ericsson SA has received ₹462 crore from Indian telecom firm Reliance Communications Ltd, the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term. Late last month, the Supreme Court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom …

In a sinking ship
6 years ago

In a sinking ship

The Hindu  

IN a case of how the mighty can fall, one of India’s top businessmen, Anil Ambani, chairman of the Anil Dhirubhai Ambani Group, faces the prospect of spending time in jail and going bankrupt. Jio’s failure to buy Rcom assets At the centre of Anil Ambani’s problems was Reliance Jio’s failure to buy RCom’s assets. Keeping in mind the crisis …

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order
6 years, 1 month ago

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order

Firstpost  

RCom owes a total Rs 571 crore to the Swedish telecoms equipment maker, including a one-time settlement of Rs 550 crore and interest payments of Rs 21 crore. Business tycoon Anil Ambani is planning to use a payment from his brother’s company and the sale of real estate assets to pay what he owes to Sweden’s Ericsson following a court …

A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson
6 years, 1 month ago

A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson

Firstpost  

Observing there was a ‘willful default’, the Supreme Court ordered RCom to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a 3-month jail term. The Supreme Court on Wednesday found Anil Ambani, chairman of debt-laden RCom, guilty of contempt of court for willfully failing to pay Rs 550 crore to Ericsson. …

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events
6 years, 1 month ago

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events

Firstpost  

The Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. New Delhi: The following is the chronology of events in the case in which the Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. Observing there was a ‘wilful default’, …

Reliance Group stocks under pressure; slip up to 4.3% on Supreme Court order against Anil Ambani in Ericsson case
6 years, 1 month ago

Reliance Group stocks under pressure; slip up to 4.3% on Supreme Court order against Anil Ambani in Ericsson case

Firstpost  

Shares of Reliance Group companies on Wednesday closed 4.3 percent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court. New Delhi: Shares of Reliance Group companies on Wednesday closed 4.3 percent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court …

Anil Ambani's Reply Affidavit Clearly Demonstrates His Cavalier Attitude To The Highest Court Of The Land: SC [Read Judgment]
6 years, 1 month ago

Anil Ambani's Reply Affidavit Clearly Demonstrates His Cavalier Attitude To The Highest Court Of The Land: SC [Read Judgment]

Live Law  

The Supreme Court, on Wednesday, held three Reliance Companies, guilty of contempt of court for defaulting payments to Ericsson as per the undertaking given to the Court. The court also observed that the three Reliance Companies have willfully not paid the sum of INR 550 crore plus interest and have thus breached the undertakings given to the Court. "The undertakings …

Anil Ambani-led Reliance Group stocks under pressure; tank up to 10.3% on Supreme Court contempt ruling
6 years, 1 month ago

Anil Ambani-led Reliance Group stocks under pressure; tank up to 10.3% on Supreme Court contempt ruling

Firstpost  

Shares of Reliance Group companies tumbled up to 10.3 percent on Wednesday after the Supreme Court held RCom chairman Anil Ambani guilty of contempt of court for wilfully violating its order and not paying Rs 550 crore dues to telecom equipment maker Ericsson New Delhi: Shares of Reliance Group companies tumbled up to 10.3 percent on Wednesday after the Supreme …

Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks
6 years, 1 month ago

Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks

Firstpost  

The RCom chairman and others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks, the Supreme Court said. The Supreme Court on Wednesday held Reliance Communication chairman Anil Dhirubhai Ambani and others guilty of contempt in a plea filed by Ericsson India over not clearing its dues of Rs 550 crore. The Supreme Court …

Supreme Court holds RCom, Anil Ambani guilty of contempt in Ericsson dues case
6 years, 1 month ago

Supreme Court holds RCom, Anil Ambani guilty of contempt in Ericsson dues case

Live Mint  

New Delhi: The Supreme Court on Wednesday held Reliance Communications Ltd and its chairman Anil Ambani guilty of contempt for failing to pay dues to Ericsson India. The court was ruling on Ericsson’s contempt plea against RCom and its chairman Ambani for “wilful disobedience” of the court’s earlier orders to pay dues to the Swedish company. Rohatgi also denied allegations …

Breaking: SC Holds Anil Ambani Guilty Of Contempt; No Jail If Reliance Pays Ericsson Rs 453 Crores In 4 Weeks [Read Judgment]
6 years, 1 month ago

Breaking: SC Holds Anil Ambani Guilty Of Contempt; No Jail If Reliance Pays Ericsson Rs 453 Crores In 4 Weeks [Read Judgment]

Live Law  

The Supreme Court bench of Justices R F Nariman and Vineet Saran has held Anil Ambani, Chairman of Reliance Communications, guilty of contempt of court for defaulting payments to Ericsson as per the undertaking given to the Court.The three Reliance Companies - RCom, Reliance Telecom and Reliance InfraTel- are also held guilty of contempt, and fine of Rs One Crore …

Anil Ambani-led Reliance Group reaches standstill pact with lenders, no sale of pledged shares till September
6 years, 1 month ago

Anil Ambani-led Reliance Group reaches standstill pact with lenders, no sale of pledged shares till September

Firstpost  

Reliance Group will pay the principal and interest amounts to the lenders as per the scheduled due dates New Delhi: Anil Ambani-led Reliance Group has reached a ‘standstill agreement’ with more than 90 percent of its lenders under which they will not sell any of the shares pledged by promoters till September. Under the pact, the group will pay the …

Anil Ambani reaches standstill agreement with lenders
6 years, 1 month ago

Anil Ambani reaches standstill agreement with lenders

The Hindu  

Anil Ambani led Reliance Group has reached an in-principle standstill understanding with more than 90% of the lenders at the promoter group level, after L&T Finance and Edelweiss Group had dumped Anil Ambani Group shares causing the unprecedented fall in share prices of Reliance Power and other group shares early this month. Reliance Group has nine lenders at the promoters …

'Reliance Has Money To Pay Rafale; But Not To Pay Our Debts', Ericsson Submits As SC Reserves Orders On Contempt Plea Against Anil Ambani
6 years, 1 month ago

'Reliance Has Money To Pay Rafale; But Not To Pay Our Debts', Ericsson Submits As SC Reserves Orders On Contempt Plea Against Anil Ambani

Live Law  

The Supreme Court bench of Justices R F Nariman and Vineet Saran today reserved orders on the contempt petitions filed by Ericsson against the Chairman of Reliance Communications Ltd Anil Ambani and other officials.Ambani was present in Court today along with Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani.The contempt petitions have been. The Supreme …

Supreme Court reserves verdict in Ericsson’s contempt plea against RCom
6 years, 1 month ago

Supreme Court reserves verdict in Ericsson’s contempt plea against RCom

Live Mint  

The Supreme Court on Wednesday reserved its verdict on Ericsson’s contempt plea against Reliance Communications Ltd and its chairman Anil Ambani for “wilful disobedience” of the court’s earlier orders to pay dues of ₹550 crore to the Swedish telecom equipment maker. Ericsson had asked the court to direct Ambani to submit ₹550 crore along with interest of 12% per annum …

Anil Ambani flies in private jets, has money for Rafale but no money to pay Rs 550 cr dues, asks Ericsson lawyer
6 years, 1 month ago

Anil Ambani flies in private jets, has money for Rafale but no money to pay Rs 550 cr dues, asks Ericsson lawyer

Firstpost  

Early this month, RCom decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the Anil Ambani-led telecom firm said. Supreme Court has on Wednesday reserved its judgement on a contempt plea filed against Reliance Communication chairman Anil Dhirubhai Ambani and and two others by Ericsson India over not clearing its dues of …

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow
6 years, 1 month ago

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow

Live Law  

Anil Ambani, Chairman of Reliance Communications, appeared in the Supreme Court in response to the notices issued by the apex court in the contempt petitions filed Swedish company Ericsson. Three officials of the company were also present.The bench of Justices R F Nariman and Vineet Saran however adjourned the matter for tomorrow. The contempt petitions have been filed alleging that …

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India
6 years, 1 month ago

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India

Firstpost  

The Supreme Court of India had issued notice to Anil Ambani and others on a contempt petition filed by Ericsson India over non-payment of its dues. Reliance Communications chairman Anil Ambani has reached the Supreme Court on Tuesday to appear in a contempt petition filed by Ericsson India over not clearing its dues of Rs 550 crore. Contempt proceeedings Ericsson …

Ericsson moves contempt plea against RCom in apex court
6 years, 1 month ago

Ericsson moves contempt plea against RCom in apex court

Live Mint  

Ltd moved the Supreme Court on Tuesday seeking initiation of contempt proceedings against Reliance Communications Ltd and its chairman Anil Ambani for “wilful disobedience” of its earlier orders to pay its dues. The telecom equipment maker asked the court to direct Ambani to submit ₹550 crore along with interest of 12% per annum and urged that till such time, his …

Reliance Communications stock sinks by more than half to a record low as firm asks NCLT to resolve debt
6 years, 1 month ago

Reliance Communications stock sinks by more than half to a record low as firm asks NCLT to resolve debt

Firstpost  

Reliance Communications said its lenders had not received any proceeds from asset monetisation plans, and that its overall debt resolution process had not made any progress Reliance Communications Ltd shares plunged by more than half to a record low on Monday, after the Indian telco said it will seek a fast-track resolution to its indebtedness through bankruptcy court. In one …

RCom shares plunge 48% after bankruptcy filing
6 years, 1 month ago

RCom shares plunge 48% after bankruptcy filing

Live Mint  

Shares of Reliance Communications Ltd or RCom today slumped over 48% in morning trade after the company has decided to opt for insolvency proceedings, following its failure to sell assets for paying back its lenders. Reliance Communications said that it had to opt for insolvency because of lack of 100% approvals and consensus, as mandated by RBI’s 12th February 2018 …

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle
6 years, 1 month ago

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle

CNN  

New Delhi CNN Business — One of India’s richest men has turned to a bankruptcy court for help as he battles to save his company after losing a brutal price war with his older brother. Anil Ambani’s wireless telecom business, Reliance Communications, announced Sunday it was asking India’s National Companies Law Tribunal to help sell its assets and settle billions …

RCom files for insolvency after govt refuses nod for asset sale to Jio
6 years, 1 month ago

RCom files for insolvency after govt refuses nod for asset sale to Jio

Live Mint  

Anil Ambani promoted telecom company Reliance Communications on Friday said that it has decided to file for insolvency as its lenders have received zero proceeds from its proposed asset monetization plans even after a period of 18 months. This comes one month after its planned asset sale to brother Mukesh Ambani’s Reliance Jio failed to get approval from the Department …

Spectrum sale deal: SC asks RCom, Reliance Jio to take a decision by 11 January over settlement of past dues to DoT
6 years, 2 months ago

Spectrum sale deal: SC asks RCom, Reliance Jio to take a decision by 11 January over settlement of past dues to DoT

Firstpost  

The apex court was hearing a contempt petition filed by RCoM alleging that the Department of Telecom has failed to furnish a no-objection certificate clearing its spectrum sale deal with RJio even after the court had directed it to do so New Delhi: The Supreme Court Monday asked Reliance Communications Ltd and Reliance Jio to take a decision by 11 …

SC issues notice to Anil Ambani over RCom Ericsson dues
6 years, 2 months ago

SC issues notice to Anil Ambani over RCom Ericsson dues

Live Mint  

New Delhi: The Supreme Court on Monday issued notice to Anil Ambani on a plea by Ericsson India Pvt. Senior lawyer Harish Salve, appearing for Reliance Jio said, “Knowing the problems with prior dues and when giving physical guarantee, we can’t take the risk.” The court was responding to a contempt petition by RCom against the department of telecommunications claiming …

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