Ericsson considering new clauses to avoid RCom like situations
Posted on 30th May 2019 |
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Swedish telecom gear maker Ericsson is considering tweaking provisions in business deals to avoid situations like those it is facing with Reliance Communications. The company sued RCom and its promoter Anil Ambani to recover dues of about Rs 1,500 crore, of which it managed to receive only Rs 550 crore. “We think fairness sort of came true in the end. But of course, as we sell new deals…we try to avoid those things. But it is hard to tell because who could have seen that coming. |
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Bankruptcy blues for Reliance Communications
Posted on 8th May 2019 |
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The lenders to Reliance Communications (R-Com) on Tuesday moved the National Company Law Tribunal (NCLT) seeking to appoint a new resolution professional and form a committee of creditors, the first step to start the bankruptcy process against the Anil Ambani group company that owes close to Rs 50,000 crore to 31 lenders, led by the State Bank of India. |
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RCom heads for insolvency
Posted on 1st May 2019 |
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The National Company Law Appellate Tribunal (NCLAT) on Tuesday allowed insolvency proceedings against Reliance Communication (RCom) after the debt-laden firm withdrew its petition challenging a decision of National Company Law Tribunal (NCLT) to initiate such proceedings. |
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Vodafone Idea, Reliance Communications hit new lows
Posted on 3rd April 2019 |
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Shares of telecom services provider Vodafone Idea and Reliance Communications (RCom) have hit their respective new lows on the BSE in an otherwise strong market. At 11:03 am, the S&P BSE Sensex was up 0.44 per cent or 171 points at 39,228. Vodafone Idea hit a new low of Rs 16.40, down 3 per cent, on the BSE on Wednesday, falling 10 per cent in past three trading days, after the stock turned ex-date for rights issue on March 29. |
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NCLAT stays DoT show cause notices to RCom for cancellation of spectrum licence
Posted on 27th March 2019 |
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The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed two notices issued by the department of telecommunications (DoT) to debt-ridden Reliance Communications for cancellation of its spectrum licence for delay in payment. A bench headed by chairman Justice SJ Mukhopadhaya also stayed DoT’s March 20 letter to Axis Bank to encash the bank guarantee of Rs 2,000 crore given by RCom. |
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Ericsson case: Supreme Court to hear RCom plea on Wednesday
Posted on 27th March 2019 |
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The Supreme Court will hear on Thursday Reliance Communications’ plea seeking permission to withdraw its appeal against initiation of insolvency proceedings by Ericsson India last year. A Bench led by Justice RF Nariman will also hear on Thursday another application by Ericsson which also wants to end the insolvency proceedings it had initiated against RCom and its two group firms – Reliance Infratel and Reliance Telecom – last year as the beleaguered telecom company had paid Rs 550 crore to Ericsson as per the apex court’s orders. |
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RCom shares continue to gain, rally 10 per cent
Posted on 20th March 2019 |
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New Delhi: Shares of Reliance Communications further zoomed 10 per cent to hit the highest trading permissible limit for the second day in a row on Wednesday after the company cleared dues of Swedish service provider Ericsson. The scrip rose sharply by 10 per cent to Rs 4.84 -- its upper circuit limit -- on the BSE. |
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RCom, Reliance Jio terminate agreement for sale of telecom assets
Posted on 19th March 2019 |
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The deal between the two Ambani brothers, Anil and Mukesh, has fallen through as Reliance Communications (RCom) and Reliance Jio agreed to terminate the asset-sale agreement on Monday. RCom has cited delays in approval from the government and lenders as the reason. |
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Reliance Communications pays Rs 462 crore to Ericsson
Posted on 18th March 2019 |
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Ericsson has received Rs 462 crore from Indian telecoms firm Reliance Communications Ltd (RCom), the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term. Late last month, India's top court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom equipment maker. |
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