HSBC Daisy Investments, shareholders move SC against NCLAT stay order on Reliance Infratel's asset sale

HSBC Daisy Investments and other minority shareholders have moved Supreme Court against National Company Law Appellate Tribunal (NCLAT)'s order that allowed State Bank of India-led bankers to sell mortgaged assets of Reliance Infratel the tower unit of Reliance Communications.

The NCLAT on Friday had vacated stay on Anil Ambani-led Reliance Communications' unit that restrained the company from selling its mobile tower and fiber assets.

HSBC Daisy Investments and some other minority shareholders - together holding just over 4% in the Reliance Infratel-tower company - had opposed sale of assets on grounds that their consent was not sought for the asset sale and, if allowed, would be an “oppression of a minority shareholder under section 397 and 398” as Reliance Infratel would become defunct.


The NCLAT on Friday, asked RCom to deposit the tower and fibre asset sale proceeds into an State Bank of India (SBI) escrow account and scheduled a final hearing on April 18 to decide on the distribution of such proceeds.