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MUMBAI: The National Company Law Tribunal stayed till March 13 the sale of assets of Reliance Infratel<\/a>, the tower unit of Reliance Communications, the second setback this week for the Anil Ambani-owned telco that is rushing to pare debt by half by March end.\n
The injunction by BSV Prakash Kumar and Ravikumar Duraisamy of the Mumbai bench of the NCLT<\/a> on Wednesday came after HSBC Daisy Investments (Mauritius), a minority shareholder in the tower company, argued that its 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.
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\nThe tribunal has reserved the order for March 12.
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According to legal sources, the RCom subsidiary may appeal against the stay order in the National Company Law Appellate Tribunal<\/a>. The telco did not respond to ET’s queries.
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\n“Consent was not asked. My company (Reliance Infratel) was profitable. Why are all assets of my company sold and only selective assets of RCom sold? Why should I go defunct? You cannot benefit yourself while I am wiped out,” argued senior counsel Iqbal Chagla, representing HSBC Daisy Investments, which owns about 5% in Reliance Infratel.
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\nThis is the second hurdle for RCom in its attempt to cut Rs 45,000 crore of debt. An arbitration tribunal in a legal battle with Swedish equipment provider Ericsson stalled RCom’s asset sale plan on Monday. RCom is on the verge of selling most of its wireless assets to Mukesh Ambani-owned Reliance Jio Infocomm for about Rs 25,000 crore, although both companies haven’t officially commented on the deal figure.
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\nAlpana Ghone, senior counsel representing Reliance Infratel, said the planned transaction includes Rs 8,000 crore for its tower and fibre assets, of which Rs 5,000 crore would be for the towers and land alone. Alternative asset manager Brookfield was set to pay Rs 11,000 crore for the towers before the deal was called off following the scrapping of RCom’s merger with Aircel.
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The HSBC counsel demanded more details, which Anil Ambani<\/a>’s counsel refused to divulge.
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The court proceedings revealed that Bharti Airtel<\/a> was the second-highest bidder for the tower assets with an offer that was 25% lower than Jio’s.
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\nChagla argued that it was unfair that a tower company that made a profit of Rs 1,800 crore in the year ended March 2017 should be made to give up its assets while only select portions of parent RCom and Reliance Telecom were being sold as part of the overall asset monetisation programme.
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\nHe pointed out to the bench that RCom, after the monetisation, would be left with a viable, profitable, capital-light company looking into B2B areas, data enterprise, undersea cable and submarine business.
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\n“From insolvency, you (RCom) will now have a viable company. RCom stands to benefit and I am the only loser,” said the senior counsel. HSBC had invested about Rs 1,100 crore in July 2007 and has about 5% share, while the rest is owned by other firms under Anil Ambani.
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Reliance Infratel’s counsel countered that these were delaying tactics that would further erode the value of the telco’s assets and highlighted that the debt burden was the result of turbulence in the industry<\/a>.
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\n“We are helpless since the entire telecom sector is in a bad shape. Today it is a case of survival.
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\nBlocking transactions will not help and it will reduce the value of the company,” said Ghone.
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RCom plans to use the funds raised to repay RCom’s 35 lenders by the end of March, failing which the lenders could take the company to the NCLT under the Insolvency & Bankruptcy<\/a> Code.
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\n“If the sale does not happen, the joint lenders’ forum comprising of all lenders will be forced to sell the assets as distressed value. It will be sold as scrap,” said Ghone.
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\nThe joint lenders forum led by State Bank of India, which decided not to convert RCom’s debt to equity pending the asset sale to Jio, also argued that if the sale was not allowed, it would affect the banks and the public.
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\nBirendra Saraf, appearing for the forum, argued that the bidding process for RCom’s assets, including the tower business, was done in a transparent way.
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孟买:国家公司法法庭呆到3月13日出售的资产鼓吹他的依赖Reliance Communications的塔单位,这周第二次挫折Anil Ambani-owned电信急于削减债务的一半在3月结束。的禁令BSV普拉卡什·库马尔和Ravikumar Duraisamy孟买的长椅上NCLT周三之前,汇丰黛西投资(毛里求斯),塔公司的少数股东,认为其同意不寻求资产出售,如果允许的话,将是一个“压迫的少数股东在397年和398年“鼓吹他的依赖将会作废。
3月12日的法庭保留订单。
根据法律来源,信实电信子公司保持秩序,可以上诉国家公司法上诉法庭。电信没有回应等的查询。
“同意没有问。我公司(Reliance鼓吹)是有利可图。为什么都是我公司的资产出售,只选择性的资产出售RCom吗?为什么我应该已经去吗?你不能自己受益而我消灭,”代表汇丰银行高级顾问Iqbal Chagla辩称黛西投资,拥有约5%鼓吹他的依赖。
这是第二个障碍RCom试图削减45000卢比的债务。仲裁庭在法律与瑞典爱立信设备供应商停滞RCom周一的资产出售计划。RCom即将出售的大部分无线资产穆克什Ambani-owned依赖Jio Infocomm大约25000卢比,尽管两家公司还没有正式评论交易图。
Alpana电话,高级顾问代表依赖鼓吹说,计划中的事务包括8000卢比的塔和纤维的资产,其中5000卢比是塔和土地。另类资产经理布鲁克菲尔德将支付11000卢比交易前的塔被取消后,取消与Aircel信实电信的合并。
汇丰银行顾问要求更多的细节,安尼尔•安巴尼的律师拒绝透露。
显示,法庭诉讼Bharti Airtel出价第二高的塔资产的出价比Jio低25%。
Chagla塔公司认为,这是不公平的,赚了1800卢比今年截至2017年3月应放弃其资产只有选择部分家长和信实电信RCom被作为整体的一部分资产货币化计划出售。
他指出RCom板凳,货币化后,会留下一个可行的,有利可图,capital-light公司调查B2B领域,企业数据,海底电缆和潜艇业务。
“从破产,你现在(RCom)将有一个可行的公司。信实电信将从中受益的,我唯一的输家,”高级顾问说。汇丰(HSBC)已投资约1100卢比在2007年7月,拥有约5%的份额,而其余的是在安尼尔•安巴尼旗下的其他公司。
依赖鼓吹他的律师反驳说,这些都是拖延战术,将进一步削弱电信的价值的资产和强调的债务负担是动荡的结果行业。
“我们无助,因为整个电信行业正处于一个非常糟糕的形状。今天,这是一种生存。
阻止交易不会帮助,它会降低公司的价值,“说电话。
计划使用募集资金偿还RCom RCom 35银行在3月底前,失败的银行可能需要公司破产下NCLT &破产代码。
“如果销售不发生,联合银行的论坛包括所有银行将被迫出售资产,不良的价值。它将作为废品出售,”电话。
联合银行论坛由印度国家银行,它决定不将其债务/股本RCom等待资产出售给Jio还认为,如果不允许出售,它会影响银行和公众。
比兰德拉Saraf,论坛出现,认为信实电信的投标过程的资产,包括塔的生意,是在一个透明的方式完成的。
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