Anil Ambani, chairman of Reliance Communications Ltd. (Photographer: Dhiraj Singh/Bloomberg) 

NCLAT To Hear Contempt Plea Against Anil Ambani On Feb. 25

The National Company Law Appellate Tribunal on Tuesday deferred the hearing on a contempt petition against Anil Ambani filed by minority shareholders of one of his firms till Feb. 25.

A two-member bench headed by Justice SJ Mukhopadhaya said that it would hear on Feb. 25 the contempt plea filed by HSBC Daisy Investments (Mauritius) and other minority shareholders over an alleged default in payment against Reliance Infratel and its promoters.

When the matter was mentioned before the NCLAT bench on Tuesday, the appellate tribunal asked it to list on some other day due to the paucity of time.

HSBC Daisy moved the appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel.

As per the consent terms of the agreement between 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 next six months.

"Appellants (Reliance Infratel) agree and undertake that they shall jointly and/or severally pay a sum of Rs 230 crore to the respondents in the proportion as set out in Annexure A hereto within a period of 180 days... ," said the consent term recorded by NCLAT on June 26, 2018.

The six-month period came to an end following which HSBC Daisy and nine other minority shareholders holding 4.26 percent stake in Reliance Infratel filed the contempt plea.

Earlier, on Jan. 2, NCLAT had disposed of the contempt plea filed by HSBC Daisy on technical grounds.

However, the tribunal had given it liberty withdraw its contempt plea to approach again with its contempt plea against the officials of Reliance Infratel.

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