Besides RCom, Reliance Capital (down 14 per cent at Rs 162), Reliance Naval and Engineering (down 13 per cent at Rs 10.32), Reliance Infrastructure (down 10 per cent at Rs 240), Reliance Home Finance (down 9 per cent at Rs 31.55), Reliance Power (down 9 per cent at Rs 24) and Reliance Nippon Life Asset Management (down 5 per cent at Rs 129) were trading lower by up to 14 per cent on the BSE in intra-day trade so far. In comparison, the S&P BSE Sensex was down 0.27 per cent at 36,372 points.
RCom said the key elements of the plan would remain unchanged. This includes the sale of spectrum and all strategic telecom infrastructure assets, sale of realty assets apart from development of the Navi Mumbai real estate projects, which spans across 30 million square feet at the Dhirubhai Ambani Knowledge City complex.
Announcing its decision to move the NCLT, the debt-strapped firm said, “Despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans and the overall debt resolution process is yet to make any headway. Accordingly, the board decided that the company would seek fast-track resolution through the NCLT. The board believes this will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time-bound manner within the prescribed 270 days.” CLICK HERE TO READ FULL REPORT