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RCom shares continue to gain, rally 10 per cent
Posted on 20th March 2019
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.


RCom, Reliance Jio terminate agreement for sale of telecom assets
Posted on 19th March 2019
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.

Reliance Communications pays Rs 462 crore to Ericsson
Posted on 18th March 2019
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.


NCLAT refuses to direct SBI to release RCom funds to Ericsson
Posted on 16th March 2019
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.


NCLAT reserves order on Rcom plea to use tax refunds to clear dues
Posted on 14th March 2019
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.


Reliance Communications dips for the sixth day; hits new low of Rs 4.82
Posted on 13th March 2019
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.


SBI gave false hope on RCom sale to Reliance Jio: NCLAT pulls up India’s largest bank
Posted on 12th March 2019
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.


Anil Ambani’s Reliance Capital says RNAM, general insurance stake sale will reduce debt by Rs 12,000 crore
Posted on 7th March 2019
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.

Anil Ambani hasn’t given up: RCom still fighting to sell spectrum outside bankruptcy
Posted on 26th February 2019
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.


SC holds Anil Ambani guilty of contempt, orders RCom to clear Ericsson dues
Posted on 21st February 2019
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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