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HSBC dismisses contempt of petition against Anil Ambani

Business

  • Reliance Infratel had filed a petition in the case of outstanding balance of Rs 230 crore
  • Reliance Infratel is a subsidiary of RCom, RCom is going through bankruptcy process

new Delhi. The National Company Law Appellate Tribunal (NCLAT) rejected the contempt petition filed by HSBC Daisy Company against Anil Ambani on Tuesday. HSBC Daisy and other minority shareholders had filed petitions against Anil Ambani and the company officials due to the outstanding of Rs 230 crore on Reliance Infratel.

The Tribune had reserved the judgment on July 3

  1. A two-member NCLAT bench chaired by Justice SJ Mukhopadhyay said in the hearing on Tuesday that there is no case of contempt. The Tribune had reserved the judgment on July 3.

  2. Reliance Infratel is the subsidiary of RCom, which is going through the bankruptcy process. According to the terms of the agreement with HSBC Daisy of Reliance Infratel, NCLAT had on June 26, 2018, ordered that the company of Anil Ambani pay dues in 6 months.

  3. After six months, 9 other minority shareholders of HSBC Daisy and Reliance Infratel filed a contempt petition. During the hearing on Tuesday, the lawyer of Defense Professional, looking at Anil Ambani’s bankruptcy process, said that RCom is in bankruptcy process and can not afford to pay.

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