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In boost to RCOM, Supreme Court clears decks for sale of assets (Lead)
New Delhi, April 5 (IANS) In a relief to Reliance Communications (RCOM), 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.
The 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 sale of spectrum and optical fibre assets of the company.
However, on the stay granted by the National Company Law Tribunal in Kolkata on the sale of towers by Reliance Infratel, the top court has asked the National Company Law Appellate Tribunal (NCLAT) to decide the matter in four weeks.
RCOM’s plea challenging the stay by the High Court was supported by the consortium of banks headed by the State Bank of India, which had contended that the sale of spectrum and optical fibre assets would get them Rs 25,000 crore — part of Rs 45,000 crore that they are owed by RCOM.
In a statement, RCOM said: “There is now no bar in immediately completing the asset sales of spectrum, MCNs and real estate, and the same shall be concluded expeditiously.”
It added: “On the stay granted by NCLT in favour of minority investors holding approximately four per cent shareholding in Reliance Infratel, which is limited to tower and fibre assets, the Supreme Court has not made any comments on merits, and has instead only directed RCOM and its lenders to follow due procedure, and file an appeal before the NCLAT, instead of directly approaching the Supreme Court.”
The company said it is confident of securing appropriate relief from the NCLAT to enable the sale of its tower and fibre assets at the earliest.
“The claim of the minority investors (which is fully disputed by RCOM) can, in any case, be a maximum of approximately Rs 200-300 crore from the sales proceeds. RCOM intends filing the aforesaid appeal before NCLAT tomorrow (Friday), with a request for expeditious disposal of the same.”
Based on these developments, RCOM says it is now confident of achieving overall debt reduction of around Rs 25,000 crore within the next few weeks, from the first phase of the asset monetisation programme as detailed in the media release issued on December 26, 2017.
–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
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.