| Reliance Communications (RCOM) Related news |
NCLAT refuses to direct SBI to release RCom funds to Ericsson
Posted on 16th March 2019 |
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The National Company Law Appellate Tribunal on Friday refused to direct State Bank of India-led joint lenders’ forum to release Rs 260 crore of income-tax refunds of Reliance Communications to Ericsson India. The tax refunds of Rs 260 crore for 2015-16, lying in the ‘Trust and Retention Account’ with SBI, the lead Bank of JLF, was required by RCom and its two group firms — Reliance Telecom and Reliance Infratel — to clear off their balance Rs 453-crore dues payable to Ericsson India by March 19, failing which promoter Anil Ambani will face jail term of three months. |
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NCLAT reserves order on Rcom plea to use tax refunds to clear dues
Posted on 14th March 2019 |
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The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its order on a petition by Reliance Communications seeking the release of income-tax refunds to clear dues of Ericsson India. Lenders of RCom have opposed the plea. After hearing both the sides, the NCLAT bench headed by chairperson SJ Mukhopadhyay reserved the order in the case. |
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Reliance Communications dips for the sixth day; hits new low of Rs 4.82
Posted on 13th March 2019 |
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Shares of Anil Ambani-owned Reliance Communications (RCom) were trading lower for the sixth straight day, hitting a new low of Rs 4.82, down 6 per cent on the BSE in intra-day trade in otherwise strong market. The fall comes after the lenders claimed to have the first right over income tax (I-T) refunds. In the past six trading days, RCom has dipped 27 per cent from level of Rs 6.64 on the BSE, as compared to 4 per cent rise in the benchmark index, the S&P BSE Sensex. |
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SBI gave false hope on RCom sale to Reliance Jio: NCLAT pulls up India’s largest bank
Posted on 12th March 2019 |
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The National Company Law Appellate Tribunal (NCLAT) on Monday admonished State Bank of India (SBI), saying the lender had given a false impression that the RCom-RJio deal would fetch about `37,000 crore. The NCLAT bench wondered why should there not be proceedings against the lender for painting a rosy picture of RCom. “SBI created false impression, gave a rosy picture before us,” the two-member NCLAT bench, headed by chairperson SJ Mukhopadhyay observed. |
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Anil Ambani’s Reliance Capital says RNAM, general insurance stake sale will reduce debt by Rs 12,000 crore
Posted on 7th March 2019 |
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Reliance Capital Thursday claimed that it is hopeful of pairing its debt by around Rs 12,000 crore over the next three to four months, by when it expects to complete the stake sale in Reliance Nippon Life Asset Management andReliance General Insurance. The company has also lined up a few more non-core assets to monetise. The Anil Ambani group-run company is sitting on a debt of over Rs 18,000 crore. |
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Anil Ambani hasn’t given up: RCom still fighting to sell spectrum outside bankruptcy
Posted on 26th February 2019 |
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Billionaire Anil Ambani’s telecom unit is still fighting to get approval for the sale of its airwaves, indicating that the company hasn’t given up on selling the assets outside India’s bankruptcy process. India’s Telecom Disputes Settlement and Appellate Tribunal on Monday heard arguments on Reliance Communications Ltd.’s petition to allow it to sell its airwaves without past liabilities from the asset being passed to the buyer. |
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SC holds Anil Ambani guilty of contempt, orders RCom to clear Ericsson dues
Posted on 21st February 2019 |
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The Supreme Court on Wednesday held Reliance Communications (RCom) Chairman Anil Ambani (pictured) and two of his top executives guilty of contempt of court for wilfully failing to pay the dues to telecom equipment maker Ericsson. The court directed Ambani, Reliance Telecom Chairman Satish Seth, and Reliance Infratel Chairperson Chhaya Virani to pay Rs 453 crore within four weeks or face a jail term of three months. It also slapped a fine of Rs 1 crore each for their “cavalier attitude” towards the court’s orders. |
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Big setback for RCom: Supreme Court holds Anil Ambani guilty of contempt in Ericsson default case
Posted on 20th February 2019 |
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In a major setback, the Supreme Court has held Anil Ambani guilty of contempt in Ericsson default case, and also directed RCom to pay balance payment of Rs 450 crore to Ericsson in 4 weeks. Notably, in case of default of payment to Ericsson, Anil Ambani will be sent to jail for 3 months, CNBC Tv18 reported Supreme Court as saying. Anil Ambani wilfully did not pay Rs 550 crore to Ericsson, and he a ‘cavalier’ approach, noted the apex court. |
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Telecom wars: Reliance Jio tops 4G download speed chart in January, Idea fastest in upload speed
Posted on 16th February 2019 |
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Reliance Jio continued to top the average 4G download speed chart, beating its nearest rival Airtel with almost double data speed, according to a report by the Telecom Regulatory Authority of India (Trai) for January. Jio’s 4G network registered an average download speed of 18.8 megabits per second (Mbps), while Airtel network clocked a speed of 9.5 Mbps. |
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From a prized jewel to a fallen star: The collapse of RCom
Posted on 13th February 2019 |
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NEW DELHI: The collapse of Reliance Communications(RCom) marks a complete fall in flamboyant Anil Ambani's fortune as the 'prized family jewel' - that he inherited as part of a family settlement with elder brother Mukesh - comes to haunt him nearly 15 years after the Ambanis' mega expansion into the telecom business. While Anil always viewed the telecom business as the next frontier for growth, after losing the lucrative oil and gas operations in the family settlement, heavy investments and stiff competition made it an uphill task for him to realise his dreams. |
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