Court spikes R-Com's petition
Mumbai: Bombay High Court has dismissed Reliance Communications Ltd's (R-Com) plea against an arbitration court order that barred the telecom operator from selling or transferring its assets without the tribunal's permission.
The company intends to file an appeal against the interim order of the court, an R-Com spokesman said in an emailed statement to Reuters.
Media reports suggest that the court had thrown out three appeals from R-Com and its two companies.
Debt-laden R-Com had appealed against the interim order in a case filed by Ericsson seeking payment of unpaid dues.
"The claims of secured financial lenders stand higher in priority as compared to Ericsson, which is an unsecured operational vendor. Further, the sale of assets is being undertaken in pursuance of the decisions of the secured financial lenders," the spokesman said.
Meanwhile, the National Company Law Tribunal (NCLT) has approved the proposed merger of Telenor India with Bharti Airtel.
The bench on Thursday approved the scheme with certain conditions.
Airtel and Telenor had signed the agreement for merger in February 2017 under which Airtel will acquire Telenor India's running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
The proposed acquisition has already been cleared by the Competition Commission of India (CCI), market regulator Sebi and the two premier bourses - the BSE and the NSE. It it now awaiting the telecom department's nod.
The deal will include the transfer of all of Telenor India's assets and customers and is aimed at augmenting Airtel's overall customer base and network.
It will also enable Airtel to bolster its spectrum footprint in these seven circles.