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NCLAT clears decks for RCOM’s full asset sale

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New Delhi, April 6 (IANS) Clearing the decks for the complete asset sales of Reliance Communications, the National Company Law Appellate Tribunal (NCLAT) on Friday vacated stay on its tower and fiber asset sale.

It has allowed execution of sale deeds to proceed, directing sale proceeds to be deposited in an escrow account with the State Bank of India (SBI).

The NCLAT has ordered the final hearing on the matter on April 18, when it will decide on the allocation of proceeds.

The claim of minority investors (which is fully disputed by RCOM) is limited to Rs 200-300 crore out of the proceeds, the tribunal said.

The Supreme Court on Thursday cleared the decks for the sale of its assets, including spectrum, to Reliance Jio Infocomm as it vacated a stay granted by the High Court.

RCOM can also part with its assets involving media convergence network (MCN) and real estate.

A bench comprising Justice Adarsh Kumar Goel and Justice Rohinton Fali Nariman set aside the stay by the Bombay High Court, which had re-affirmed a restriction by the arbitration tribunal on the sale of spectrum and optical fibre assets of the company.

RCOM’s plea challenging the High Court stay was supported by the consortium of banks headed by the SBI, which had contended that the sale of spectrum and optical fibre assets would fetch Rs 25,000 crore — part of Rs 45,000 crore that RCOM owes them.

Reliance Group Chairman Anil Ambani on December 26 said the company has achieved full resolution of RCOM’s debt, reducing it by Rs 25,000 crore to Rs 6,000 crore by monetising its assets.

“We have achieved full resolution that involves Reliance Communications exiting strategic debt recast. What we have achieved, in the face of extraordinary challenges, is truly historic and unprecedented in Indian corporate history. RCOM debt will reduce by Rs 25,000 crore. The entire monetisation process to repay debt of lenders will be completed by January-March 2018 in a phased manner,” Ambani had said.

Ambani said that in the debt reduction, there would be no write-off for any lender or bondholder. “There will be no conversion of debt to equity as well,” Ambani added. Reliance Communications had close to Rs 45,000 crore debt on its books in October 2017, he had said.

RCOM’s shares were trading at Rs 24.45 per share, up 4.71 per cent at the BSE at 2.13 pm..

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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