The Supreme Court today did not grant permission to Reliance Communications Ltd (RCom) to sell its wireless assets to Reliance Jio Infocomm Ltd, deferring the case for two weeks.
The ruling marks a setback for RCom, which is trying to reduce its debt worth $6.8 billion and pay back its creditors. The Supreme Court set a hearing for April 5 to continue examining whether it will allow the sale to go through despite an ongoing legal challenge filed by Swedish telecom gearmaker Ericsson at an arbitration tribunal. The Swedish company had sought the court's help to prevent RCom from selling assets without its permission.
SC defers nod for RCom asset sale to Reliance Jio
The ruling marks a setback for RCom, which is trying to reduce its debt worth $6.8 billion and pay back its creditors. The Supreme Court set a hearing for April 5 to continue examining whether it will allow the sale to go through despite an ongoing legal challenge filed by Swedish telecom gearmaker Ericsson at an arbitration tribunal. The Swedish company had sought the court's help to prevent RCom from selling assets without its permission.
SC defers nod for RCom asset sale to Reliance Jio
