RCOM subsidiary reaches settlement with minority investors
New Delhi, May 29 : Reliance Infratel, a subsidiary of Reliance Communications (RCOM), has informed the National Company Law Appellate Tribunal (NCLAT) on Tuesday that an amicable settlement has been arrived at with its minority investors holding 4.26 per cent equity in the company, and consent terms will be filed shortly.
In a regulatory filing, RCOM said: "The settlement with the minority investors paves the way for vacation of the stay granted by the NCLT on the sale of RITL's tower and fibre assets, and will enable the company to proceed with asset monetisation of Rs 8,000 crore as soon as the company exits the debt resolution process under NCLT, for which its appeal, supported by all its lenders, is fixed for hearing today i.e. , that is, Tuesday, May 29, 2018 before the Hon'ble NCLAT."
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
316 domestic LPG cylinders used for commercial purposes seized in Karnataka
Bengaluru (PTI): The Karnataka Food and Civil Supplies Department said on Saturday that authorities have seized 316 domestic LPG cylinders allegedly being used for commercial purposes across the state and registered cases against those involved.
Also, a case has been registered against a gas agency which was illegally refilling gas cylinders.
"Following the minister's (K H Muniyappa) instructions to take appropriate legal action if domestic cylinders are used for commercial purposes, cases have been registered under the Essential Commodities Act and seizures have been made across the state, including 45 in Peenya and 209 in Chikkajala of Bengaluru, 3 in Shivamogga district, 46 in Davanagere and 13 in Yadgir district," the department said in a release.
Similarly, a case has been registered against a gas agency shop in KGF, Kolar district, which was conducting illegal refilling of gas cylinders, it said.
As per the central government guidelines, 20 per cent of the total commercial cylinders will be distributed to hospitals, schools, educational institutions, airports, railway stations, bus stands, canteens, important temples for distribution of prasad, government offices, old age homes, and important private sector offices on priority, the department said.
Further, it said that a total of 3,86,363 domestic cylinders (14.2 kg) and 6,371 commercial cylinders have been distributed across the state today. Steps have been taken to ensure that there is no problem with the supply of domestic cylinders, it added.
