RCom representatives, meanwhile, have approached DoT to work out a solution and were said to be in closed door meetings with the government to reach an agreement, sources close the development said. The company is hopeful of reaching an understanding with the government over the pending NOC by Wednesday evening, the sources said.
RCom meanwhile also failed to pay Rs 5.5 billion due to Ericsson by December 15. The two companies
had reached an agreement in NCLAT over the amount. While asking RCom to clear the dues, NCLAT had said Ericsson could revive the insolvency petition against the company if it failed to pay within the stipulated deadline.
RCom had then approached the apex court seeking an extension of the deadline, which was initially September 30 and later moved to December 15. The top court, however, had then made it clear that there would be no extensions beyond that. It had also directed RCom to pay Ericsson interest at the rate of 12 per cent per annum for missing the September 30 deadline.
On Wednesday, RCom told the NCLAT that it would make the payment after it received a NOC from DoT for its spectrum sale to Reliance Jio Infocomm.
The NCLAT on Wednesday also asked RCom’s arm Reliance Infratel to file an affidavit, within three weeks, detailing the payments that were due to HSBC Daisy Investments Mauritius. The company has to make a payment of Rs 2.3 billion to RCom minority shareholders of Reliance Infratel, including HSBC Daisy Investments.
Minority investors including HSBC Daisy had earlier this year moved NCLAT opposing the sale of RCom’s tower assets, held by Reliance Infratel, alleging “oppression of minority shareholder”. These investors, who together hold nearly 4%, had then opposed the asset sale alleging that the company had not sought their approval for the sale, which amounted to oppression.
HSBC Daisy and RCom had, however, reached an agreement in June, which paved the way for the tower asset sale. As part of its debt reduction efforts, RCom had, in December 2017, signed Rs 250-billion deal with elder brother Mukesh Ambani’s Reliance Jio Infocomm (Jio). The deal included sale of assets mortgaged with different banks to avoid insolvency proceedings. The company expects to raise Rs 180 billion from sales of its wireless assets to Jio and real estate assets to Canada’s Brookfield, and pare some of its Rs 460-billion debt.