Anil ambani’s bad luck
Delhi: The Ambani brothers’ deal is once again obstructed. The Supreme Court on Wednesday permitted the National Institute of Law Appellate Tribunal (NCCL) to allow the sale of towers of Reliance Communications, led by Anil Ambani. The Supreme Court, which is probing the petition filed by HSBC Diary Investments and Reliance Infrastructure,
In December last year, Anil Ambani had signed a deal with Reliance Communications to settle down with brother Mukesh Ambani. The deal was sold to Reliance Geo, Mukesh’s wireless assets worth Rs 24,000 crore. It includes the towers and fiber assets of Reliance Infrailt. Their value is about Rs. 8 thousand crores.
However, the Eriksson Company Arbitration Court of Sweden went on sale of these assets. Claiming that they are selling out assets without paying their dues. The Arbitration Court has ordered the Reliance Communications assets without any permission. Arakkam resorted to the Bombay high court on the Arbitration Court verdict, where even the company was disappointed. The High Court has stayed the property without selling property.
Arcom went to the Supreme Court challenging the High Court judgment. The court proceeded by the Bombay High Court to remove the stay. Arakkam approached the NCCL for permission to sell their properties. NCLL also agreed. However, Reliance infrared shareholders moved to the Supreme Court for the latest approval.