INSUBCONTINENT EXCLUSIVE:
Faced with bankruptcy proceedings, beleaguered firm Reliance Communications plunged as much as 9.63 per cent early on Wednesday.
An
insolvency tribunal ordered bankruptcy action against the company on a petition filed by Ericsson
The Mumbai bench of the National Company Law Tribunal on Tuesday admitted three petitions filed against the telco and its subsidiaries by
Swedish telecom equipment maker Ericsson under the Insolvency and Bankruptcy Code
procedure.
RCom is likely to move the National Company Law Appellate Tribunal against the NCLT order as early as Wednesday, according to ET
It was forced to shut wireless operations in late 2017, after a merger attempt with Aircel fell through, mainly due to legal hurdles
jeopardy.
This apart, Sistema Shyam Teleservices (SSTL) on Tuesday offloaded over 1.5 crore shares of debt-ridden Reliance Communications,
lowering its holding to 4.43 per cent.
After falling over 9 per cent in early session, the scrip wiped off some of its losses and was
trading 7.23 per cent down at Rs 11.55 at around 9.33 am
Benchmark BSE Sensex was down 216 points, or 0.61 per cent, at 35,327.32 at around the same time.
