HSBC Daisy Investments and other minority shareholders have moved Supreme Court against National Company Law Appellate Tribunal (NCLAT)’s order that allowed State Bank of India-led bankers to sell mortaged assets of Reliance Infratel, the tower unit of Reliance Communications.
The NCLAT on Friday had vacated stay on Anil Ambani-led Reliance Communications ‘ unit that restrained the company from selling its mobile tower and fiber assets.
HSBC Daisy Investments and some other minority shareholders – together holding just over 4% in the Reliance Infratel-tower company – had opposed sale of assets on grounds that their consent was not sought for the asset sale and, if allowed, would be an “oppression of a minority shareholder under section 397 and 398” as Reliance Infratel would become defunct.
The NCLAT on Friday, asked RCom to deposit the tower and fibre asset sale proceeds into a State Bank of India (SBI) escrow account and scheduled a final hearing on April 18 to decide on the distribution of such proceeds.
Source: Economic Times