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Jio Proposes To Deposit Rs 3,720 Cr To Acquire RCom’s Tower, Fibre Assets

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The multi-billionaire Mukesh Dhirubhai Ambani-run Jio has offered the bid of Rs 3,720 crore in November 2019 for the acquisition of Reliance Communications (RCOM). Jio said that inter-creditor disputes causing delay in acquisition of RITL assets will deteriorate the value of assets

The telecom operator Jio to affect Reliance Infratel’s (RITL) acquisition and proposed to deposit Rs 3,720 crore in an escrow account. Currently, Reliance Infratel is undergoing liquidation process.

The multi-billionaire Mukesh Dhirubhai Ambani-run Jio has offered the bid of Rs 3,720 crore in November 2019 for the acquisition of Reliance Communications (RCOM). The tower and fibre asset of debt-ridden subsidiary is managed by his younger brother Anil Ambani.

In the last month, Jio’s subsidiary Reliance Projects and Property Management Services while filing an application before NCLT (National Company Law Tribunal) said that the company is committed and willing to implement the resolution plan of Reliance Infratel. The same was approved by the committee of creditors (CoC) previously. 

Jio said that inter-creditor disputes causing delay in acquisition of RITL assets will deteriorate the value of assets.

The Jio’s arm during a fresh application before NCLT, Mumbai said, “In order to avoid any further delays, the applicant proposes to deposit the total resolution amount in an account with State Bank of India as was directed by this hon’ble tribunal in the plan approval order,”

RITL currently holds fibre assets of nearly 1.78 lakh route kilometers and 43,540 mobile towers across the country. For the tower and fibre assets of RCOM, RITL is the holding company.

Reliance Project and property Management Services Limited has placed a fresh application in the NCLT Mumbai to affect the acquisition process. It is a subsidiary of Jio, and the successful resolution applicant for RITL

As soon as the inter-creditors dispute over the distribution of resolution funds is settled amongst the lenders, the funds will be distributed amongst them. SBI along with few other banks such as Doha Bank, Standard Chartered Bank, and Emirates Bank, are involved in a legal battle regarding the distribution of funds.

Doha Bank, being the financial creditor, had challenged the classification of claims from the indirect creditors of RITL, by the resolution professional. The matter is pending at the Supreme Court.

Sebi

Anil Ambani And 3 Others Barred By SEBI For Excercising Unfettered Powers

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“Anil Ambani, who controls the company due to his position as a promoter and controlling shareholder by way his direct and indirect shareholding, is seen to be exercising unfettered powers”, SEBI

Securities and Exchange Board of India (SEBI), on February 12, banned Reliance Home Finance, its promotor and industrialist Anil Ambani and three others from purchasing, selling or dealing in securities.

The can’t bargain in securities either in a direct or indirect way, in any way until further orders, SEBI noted. The choice to control Ambani and others from the securities market was taken for supposedly redirecting assets from the organisation. The three others are Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah.

In a 100-page of interim order, SEBI likewise noticed that the people can not relate themselves with any mediator enrolled with Sebi, any recorded public organisation or acting directors/advertisers of any public organisation which means to raise funds from the general population till additional orders.

Generally speaking, the order connected with the alleged redirecting of assets from the organisation will affect a sum of 28 people and entities.

The probe by SEBI investigated the way in which loans were scattered by Reliance Home Finance Ltd (RHFL) during 2018-19 to a few acquiring elements.

A letter of Price Waterhouse and Co addressed to RHFL that the market controller noticed that the foundation of the current procedures can be followed to numerous sources, inter alia, implying their acquiescence as the legal inspector of the organisation; and grievances got by Sebi claiming redirecting/redirection of assets of RHFL by promoters and the executives of the organisation.

SEBI called attention to that there were various Fraud Monitoring Returns from banks claiming, among others, that assets acquired by RHFL from various moneylenders were somewhat utilised towards reimbursement of credits.

Sebi said that it is noted that one individual person Anil Ambani, who controls the company due to his position as a promoter and controlling shareholder by way his direct and indirect shareholding, is seen to be exercising unfettered powers.