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RCom clarifies on Supreme Court Order

Posted On: 2018-03-22 02:15:48

Reliance Communications Ltd has announced with reference to news article "Supreme Court refuses to lift stay on RCom assets sale to Jio". RCOM and its Lenders led by SBI have filed Special Leave Petitions (SLPs) in the Hon'ble Supreme Court against the stay granted by two lower Courts on sale of certain assets by the Company.

The SLPs were heard today, and notices have been issued to the Respondents, Ericsson and minority investors holding approx. 4% in Reliance Infratel, allowing them time to file their replies by 28th March, 2018.

In view of intervening Court holidays on 29th and 30th March, 2018, the matter has been fixed for hearing in the subsequent week on Thursday, 5th April, 2018.

As legally advised, RCOM remains confident that its asset monetisation programme will be completed expeditiously to protect the interests of its secured lenders, much in advance of the time limit of 31st August, 2018 prescribed by the RBI for resolution of such cases.

Shares of RELIANCE COMMUNICATIONS LTD. was last trading in BSE at Rs.25.2 as compared to the previous close of Rs. 23.15. The total number of shares traded during the day was 14475589 in over 14739 trades.

The stock hit an intraday high of Rs. 25.95 and intraday low of 23. The net turnover during the day was Rs. 356534347.


Source: Equity Bulls

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