National Company Law Appellate Tribunal Dismisses Contempt Petition Filed By HSBC Daisy Against Anil Ambani
[ By Bobby Anthony ]The National Company Law Appellate Tribunal (NCLAT) has dismissed a contempt petition filed by HSBC Daisy Investments (Mauritius) against Reliance Communications Chairman Anil Ambani.The plea was filed against Anil Ambani and the tower unit Reliance Infratel, alleging non-payment of dues.A two-member bench headed by NCLAT Chairperson Justice SJ Mukhopadhaya, dismissed...
The National Company Law Appellate Tribunal (NCLAT) has dismissed a contempt petition filed by HSBC Daisy Investments (Mauritius) against Reliance Communications Chairman Anil Ambani.
The plea was filed against Anil Ambani and the tower unit Reliance Infratel, alleging non-payment of dues.
A two-member bench headed by NCLAT Chairperson Justice SJ Mukhopadhaya, dismissed the contempt plea against Ambani and certain company officials after ruling out any case for contempt.
It may be recalled that HSBC Daisy had moved the appellate tribunal over an alleged default of Rs 230 crore by Reliance Infratel.
In June 2018, the Anil Ambani group firm had agreed to settle the dues in the next six months.
NCLAT had reserved its order in July 3, stating that it would decide whether the contempt petition should be admitted as RCom and its units are facing bankruptcy proceedings.
However, after the payment didn’t materialise even after six months, HSBC Daisy filed a contempt plea.
Incidentally, HSBC Daisy, along with a clutch of other investors, holds nearly a 4 per cent stake in RCom’s subsidiary Reliance Infratel.