SC rejects challenge to approval of resolution plan of Reliance Infratel by operational creditors indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
NCLT adjourns Rel Infratel matter to July 5
By IANS |
0 Views
NCLT adjourns Rel Infratel matter to July 5. Image Source: IANS News
Mumbai/Delhi, June 10 : The National Company Law Tribunal (NCLT) on Thursday adjourned the much-awaited Reliance Infratel Ltd fraud tag matter to July 5, asking the State Bank of India (SBI) to gather and produce more pleadings, submissions and evidences on that day.
This comes after the SBI curiously chose to withdraw the fraud tag against RCom s tower and fibre company Reliance Infratel Ltd.
Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the successful resolution partner in the CIRP (Corporate Insolvency Resolution Process) of Reliance Infratel Ltd. It won the right to acquire 100 per cent shareholding of Reliance Infratel Ltd.
NCLT to hear SBI’s plea to withdraw Reliance Infratel’s fraud tag on July 5
June 10, 2021
The tribunal had sought SBI to produce further evidence and data. The National Company Law Tribunal’s (NCLT) Mumbai bench will hear State Bank of India’s request to withdraw a “fraudulent” tag it sought for Reliance Infratel Ltd (RITL) on July 5.
On the next hearing date, the tribunal has also asked the country’s largest lender to produce further evidence and data.
In a volte-face, the country’s largest lender on Wednesday moved the tribunal seeking to withdraw the fraud tag on RITL, following an internal forensic audit by SBI that allegedly found questionable transactions worth ₹5,500 crore. The alleged transactions were found in the accounts of three Anil Ambani three firms - Reliance Communications and its subsidiaries Reliance Telecom and RITL.
SBI to withdraw fraud tag on Rel Infratel Ltd
By IANS |
0 Views
After 28 years, CBI court verdict awaited in Abhaya murder case. Image Source: IANS News
Mumbai/Delhi, June 9 : In a strange turn of events, the State Bank of India (SBI) on Wednesday chose to withdraw the fraud tag against RComs tower and fibre company Reliance Infratel Ltd by filing an affidavit in NCLT Mumbai, stating that it wanted to remove the fraud tag on the company.
Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the successful resolution partner in the CIRP (Corporate Insolvency Resolution Process) of Rel Infratel Ltd. It won the right to acquire 100 per cent shareholding of Rel Infratel Ltd.
SBI to withdraw fraud tag on Reliance Infratel
Freepik
In a strange turn of events, the State Bank of India (SBI) on Wednesday chose to withdraw the fraud tag against RComs tower and fibre company Reliance Infratel Ltd by filing an affidavit in NCLT Mumbai, stating that it wanted to remove the fraud tag on the company.
Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the successful resolution partner in the CIRP (Corporate Insolvency Resolution Process) of Rel Infratel Ltd. It won the right to acquire 100 per cent shareholding of Rel Infratel Ltd.
In its resolution order dated December 3, 2020, the NCLT had awarded the company to RIL Group. However, SBI had classified the Rel Infratel Ltd account as fraud on November 10, 2020, but curiously withheld this vital piece of information before the NCLT when it gave its order.