The Supreme Court on Monday stayed the NCLAT order that allowed the sale of tower assets of Reliance Infratel to Reliance Jio.
The order has been stayed until a final decision is taken by the National Company Law Appellate Tribunal (NCLAT). The apex court had directed the company to move the National Company Law Tribunal (NCLT) with respect to the asset sale.
Clearing the decks for the complete asset sales of Reliance Communications, the NCLAT had vacated a stay on its tower, and fiber assets sale.
It allowed execution of sale deeds to proceed, and directed sales proceeds to be deposited in an escrow account with the State Bank of India (SBI).
Reliance Communications had submitted to the Supreme Court that the company would realise up to Rs 8000 crore from the deal.
RCom also said it wanted lenders to take charge of its assets, and dispose of them at the earliest. Lenders said they would not be using sales proceeds to satisfy unpaid dues.
RCom had signed a deal to sell its wireless assets to Reliance Jio for about Rs24,000 crore, including optic fibre and tower assets.
The NCLT, however, had stayed the sale after the deal was challenge by HSBC Daisy, an investor with 3-4% minority stake in Reliance Infratel.
The minority investor said their consent was not sought for the asset sale, and had told the NCLT last month that, the sale would amount to “oppression of a minority shareholder under section 397 and 398” as Reliance Infratel would cease to exist.
RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.