Insolvency order against Anil Ambani's firms: RCom offers Rs 500 cr upfront payment to Ericsson
RCom and its two subsidiaries -- Reliance Infratel Limited and Reliance Telecom Limited -- owe around Rs 978 crore to Ericsson. They all had entered into a seven-year agreement with Ericsson in 2013, for Ericsson provided all the operational services, including mobile towers, broadband, fixed line, wireless voice, and data, to them. Update
Reliance Infratel Ltd., a subsidiary of RCOM has informed the Hon''ble NCLAT today that an amicable settlement has been arrived at between it and minority investors holding 4.26% equity in the Company, and consent terms will be filed shortly. The settlement with the minority investors paves the way for vacation of the stay granted by the NCLT on the sale of RITL''s tower and fibre assets, and will enable the Company to proceed... RCom's lenders challenge insolvency process
Plea against order initiating proceedings to be heard by appellate tribunal NCLAT today Unravelling the RCom, Ericsson dispute
Surprisingly, almost all the telecom players have outsourced the day-to-day management of their network to network management service companies, an industry dominated by two-three major players of which Ericsson India Private Limited (Ericsson), a subsidiary of Swedish based multinational telecommunications and networking company headquartered in Stockholm, is one. Update
The appeals filed in the Hon''ble NCLAT against the NCLT orders admitting RCOM, RITL and RTL to the debt resolution process and appointment of the Interim Resolution Professional, were mentioned for urgent hearing today. The Hon''ble NCLAT has fixed the appeals for hearing tomorrow i.e. Tuesday, May 29, 2018. All banks and financial institutions of the above 3 companies have unanimously decided to oppose the NCLT debt resolution process.... RCom, arms move Tribunal against NCLT order
In an indication that the out-of-court settlement talks with Ericsson has failed, the Directors of Reliance Communications Ltd and two of its subsidia Announcement under Regulation 30 (LODR)-Press Release / Media Release
Attached herewith is a media release which is self explanatory RCom, arms move NCLAT to halt insolvency proceedings against them
The move comes as the Anil Ambani cos are in talks with Ericsson to settle a long-pending dispute over unpaid dues worth over Rs 1,000 crore owed to the Swedish company. Reliance Communications' settlement with Ericsson over dues unlikely for now: Report
Ericsson had signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecoms network. The company is now seeking 1.55 billion rupees ($170 million) from RCom and two of its subsidiaries. Reliance Communications Ltd reply to clarification sought by the exchange
The Exchange had sought clarification from Reliance Communications Ltd with respect to news article appearing on www.livemint.com - May 17, 2018 "NCLT rejects RCom's plea for stay on insolvency order".Reliance Communications Ltd response is enclosed.