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26 Sep 2017 19:56

RCom vs Ericsson: NCLT adjourns case hearing to October 6

पोस्ट करनेवाले : Forum Messenger
Price when posted : [Reliance Comm - BSE:Rs. 19.70 NSE:Rs. 19.75 when posted]

Have an opinion on this news? Post your comment here....

26 Sep 2017 19:49

Stocks

पोस्ट करनेवाले : aarmin2017
Price when posted : BSE: Rs. 19.70 NSE: Rs. 19.75

FREE INTRADAY CALLS → HIGHLY ACCURATE SURE SHOT INTRADY TRADING TIPS → CLARIFY YOUR QUERY`S → Visit:samrudhiglobal dot com...

26 Sep 2017 19:27

Reliance Comm

पोस्ट करनेवाले : lifaylon
Price when posted : NSE: Rs. 19.75

stock should crash and go to 5 levels by end.oct mostly...

26 Sep 2017 19:26

Stocks

पोस्ट करनेवाले : lifaylon
Price when posted : NSE: Rs. 19.75

anil sab khoheeya benaya ha ha ha...

26 Sep 2017 19:23

Stocks

पोस्ट करनेवाले : vineetgoyalajmer
Price when posted : BSE: Rs. 19.70 NSE: Rs. 19.75

lo ab lagwalo jinhone kharida hai sab log apni, NCLT hearing on 6 oct. and if rcom can`t conclude to pay ericssion due, there will a case file against rcom for bankrupty..
hahaha ab lagegi sab ki...kha gye buyer buyer...gayab ho gye sare....ab bechao big losses mai tore din baad jab rcom 15 or usse niche trade krega...from last 10 days there was bulk selling going into rcom now time for go 15 or under 15.....

26 Sep 2017 19:15

Stocks

पोस्ट करनेवाले : sharepremi
Price when posted : NSE: Rs. 19.75

From My Part He is doing his best to reduce his companies debt he was wrong he took this decesion late we ourself see lot ups and downs having small amount of debt while according to his debt he is upto the best .. and am sure his outcome from this will not only benefit him but also those shareholders patienly believe him and his holding his company shares...

26 Sep 2017 19:10

Stocks

पोस्ट करनेवाले : bvr9966
Price when posted : BSE: Rs. 19.70 NSE: Rs. 19.75

MUMBAI: The National Company Law Tribunal (NCLT) has adjourned the hearing of Ericsson s petition to admit the insolvency case against Reliance Communications (Rcom) to October 6.

RCom s senior counsel Ravi Kadam told the bench comprising of BSV Prakash Kumar and V Nallasenapathy that if both parties do not reach a settlement by the allotted date, he would file his affi​​davit to the court.

Shares of RCom closed down 1.25% at Rs 19.70 a piece on the Bombay Stock Exchange on Tuesday.

However sources said that reaching a conclusion after initial rounds of negotiations failed would be tough. Last week ET reported that the the first round of talks between Ericsson and Reliance Communications (RCom) have been inconclusive, with the Swedish equipment maker sticking to its stand on dragging the Anil Ambani group flagship through a bankruptcy process if not paid its dues, spelling more bad news for the telco s merger with Aircel.

Sources had then said that Ericsson expected Rs 550 crore to be paid upfront because RCom had promised them that amount in different stages of the process but failed to live up to it.

On September 11, Ericsson had filed for insolvency in the NCLT under the newly-formed Insolvency and Bankruptcy Code to recover Rs 1,150 crore from RCom for services and equipment it had earlier supplied. Under this, the tribunal can initiate takeover of the company or even liquidation to settle debt.

Last month, the court had rejected Ericsson s right to object to admitting the merger application of Aircel and RCom as the amount it was due was below 5% of RCom s total debt. The application to object was simultaneously filed by 13 others, apart from Ericsson, who were claiming dues from RCom.

HISTORY
In its application to court, Ericsson had filed an email exchange from January 2017 in which Rcom apologizes for a delay in December s dues of Rs 350 crore, which it hoped to pay off as the telco sold off its telecom towers to Brookfield. In the email presented in court, RCom blamed the delay of deal closure on demonetization. In November 2016, the Indian government had rendered 86% of the currency in circulation worthless, a move that kept banks extremely busy.

In May, Ericsson sent another mail to RCom, seeking information about the planned merger scheme to be presented to court and repayments.

A person close to details said Ericsson had nearly reconciled to a loss but is angry it was strung along. Ericsson counsel had earlier told ET that RCom had on June 29 said they will pay Rs 125 crore by July 31 and subsequently pay Rs 60 crore in a week. None of that happened.

Whether it is in insolvency or debt restructuring, Ericsson s due is likely to become a casualty, said an industry expert, adding that both prioritize repayment of debt based on categories and lenders would be paid of first. Ericsson s best hope to recover dues would be from an out-of-court process.

With talks failing, mobile services operator RCom will now seek continuance so that Ericsson s bankruptcy suit may be heard after the final merger hearing on October 11.

MERGERS
In December 2016, RCom had announced two back-to-back transactions that would lower its debt to half and were expected to give liquidity to the otherwise cash-strapped telecom player.

The first was a merger of its mobile services with Aircel, owned by Malaysia s T Ananda Krishnan. Both operators were trailing and jointly would have formed a challenger to the top three incumbents.

On the back of this merger, RCom proposed to sell its telecom towers to private equity Brookfield for Rs 11,000 crore. However, RCom s lenders, both financial and operational, opposed the merger scheme leading to delays. In June, RCom was put on the watch list by SBI and later entered into a strategic debt restructuring, which halted its debt repayment till December.

Chairman Anil Ambani said the two deals would close by September, normalizing business for the group. However, the deal proposal met with resistance from creditors.
RELATED...

26 Sep 2017 19:08

Reliance Comm

पोस्ट करनेवाले : yogi1975
Price when posted : BSE: Rs19.70 ( -1.25 % ), NSE: Rs. 19.75 ( -0.75 % )

what will the new target for r com.....

26 Sep 2017 18:29

Stocks

पोस्ट करनेवाले : bvr9966
Price when posted : BSE: Rs. 19.70 NSE: Rs. 19.75

At Reliance Communication`s annual general meeting today, Anil Ambani told shareholders that the company is in discussions with multiple lenders over the ongoing insolvency battle with Ericsson.

"There is no magic wand for us we don`t want it nor do we deserve it," he said. The company is considering multiple options and clarity will be given before FY18-end.

The company has been given a deadline till December 2017 to fix its debt.

On September 11, Ericsson had filed for insolvency in the NCLT under the newly-formed Insolvency and Bankruptcy Code to recover Rs 1,150 crore from RCom for services and equipment it had earlier supplied....

26 Sep 2017 17:28

Reliance Comm

पोस्ट करनेवाले : Guest
Price when posted : BSE: Rs19.70 ( -1.25 % ), NSE: Rs. 19.75 ( -0.75 % )

kill him just shoot him. ...

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