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Anil Ambani gets relief from contempt petition

Anil Ambani gets relief from contempt petition
Highlights

The National Company Law Appellate Tribunal on Tuesday dismissed a contempt petition filed against Reliance Group Chairman Anil Ambani and other officials by minority shareholders alleging non-payment of dues by Reliance Infratel.

New Delhi: The National Company Law Appellate Tribunal on Tuesday dismissed a contempt petition filed against Reliance Group Chairman Anil Ambani and other officials by minority shareholders alleging non-payment of dues by Reliance Infratel.

A two-member bench headed by NCLAT Chairman Justice S J Mukhopadhaya, dismissed any contempt plea against Ambani and his officials. "We have found that no case has been made out for contempt," said NCLAT.

Earlier on July 3, NCLAT had reserved its order saying that it will decide whether the contempt petition filed by HSBC Daisy Investments (Mauritius) and others should be admitted as Reliance Communications (RCom) is going through insolvency proceedings.

Reliance Infratel is a subsidiary of RCom and is presently under corporate insolvency resolution process. HSBC Daisy had moved the appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel.

As per the consent terms of the agreement among Reliance Infratel, HSBC Daisy and others, recorded by the NCLAT in its order dated June 26, 2018, the Anil Ambani-owned firm was to pay the amount in the following six months.

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