Free Press Journal

RCom to appeal NCLT stay order against asset sale

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Mumbai : Reliance Communications (RCom) will appeal a court order that stays the sale of some telecom assets of one of its units, the company said on Monday.

Earlier, the National Company Law Tribunal had extended its stay on the sale of towers of RCom’s subsidiary and Reliance Infratel, till further orders, following a plea filed by HSBC Daisy (Mauritius), which holds around 5 per cent stake in the subsidiary, citing oppression of minority shareholders.

Last week, the tribunal had directed Reliance Infratel not to proceed with the asset sale until March 13. The tribunal has allowed HSBC Daisy to make amendments to its petition against the company. The tribunal will hear the case next on April 6.