Diabytes
Reliance Communications News
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Reliance Communications said in an exchange filing that this disclosure is being made pursuant to the rules of the Securities and Exchange Board of India (SEBI).
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A bench headed by Justice Arun Mishra also warned the telecom companies that the court may initiate contempt proceedings against them and government officials for not complying with it`s order.
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The order means the Commercial Division of the High Court will hear arguments this week on Ambani's financial means and set an appropriate amount as an effective court deposit, pending a full trial in the case.
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Interim Resolution Professional (IRP) Pardeep Kumar Sethi, however, admitted dues of Rs 30 crore out of fresh claims of Rs 8,189 crore, taking admitted claims so far to Rs 49,223.88 crore, RCom said in the filing.
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The scrip jumped 10 per cent to Rs 4.40, its upper circuit limit, on the BSE.
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Failure to cough up the dues would have meant that RCom Chairman Anil Ambani would have faced a 3-month jail term.
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The sale was a result of lenders invoking shares pledged with them.
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Under the pact, the Group will pay the principal and interest amounts to the lenders as per the scheduled due dates.
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On February 4, the NCLAT had allowed telecom gear maker Ericsson India to file its objection by February 8 over Reliance Communications' plea to proceed with insolvency process.
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RCom even failed to sell spectrum to Mukesh Ambani's Reliance Jio, a deal that was expected to bring some relief to the cash-strapped company.
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Ericsson India had on Friday moved the Supreme Court seeking initiation of contempt proceedings for the second time against RCom chairman Anil Ambani for allegedly not complying with its order to clear dues.
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The move comes at a time when Reliance Communication's spectrum sale deal has been hanging fire, pending requisite clearance from the telecom department.
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The Anil Ambani-owned company Thursday said it remains committed to discharge any outstanding or disputed amount subject to final adjudication.
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RCom said that the proceeds from the spectrum deal will be used to clear the dues of Ericsson and RITL (Reliance Infratel) minority investors, and added that Reliance Communications' asset monetisation blueprint is moving as per plan.
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RCom, in a regulatory filing to the BSE, said it will receive Rs 975 crore from sale of spectrum, and that it will pay Ericsson Rs 550 crore and RITL (Reliance Infratel) minority investors Rs 230 crore from the spectrum trading proceeds.
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RCom maintained it has already filed an application on September 28 in the apex court seeking extension of time for making payment to the Swedish telecom equipment maker, by 60 days.
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Vodafone, which was operated as an independent entity in July, could add over 6 lakh customers.
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The Global Cloud Xchange bonds will be unsecured and carry a coupon of 0.1 percent with maturity of four years.
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The transaction entailed 248 nodes covering close to 5 million sq. Ft. Of area, used for hosting the telecom infrastructure, all of which now stands transferred to Jio, RCom said in a statement.
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In May, India`s bankruptcy court admitted a plea by Ericsson seeking insolvency resolution against RCom over unpaid service dues.
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