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.
Udupi: 48-year-old man loses Rs 46.92 lakh in online share market investment fraud
Udupi: In yet another digital scam, a 48-year-old man from Karnataka was duped into losing a staggering Rs 46.92 lakh in an online fraud disguised as a share market investment scheme.
The victim, identified as Avinash from Kundapur, lodged a complaint after realising he had been duped by fraudsters. He was added to a WhatsApp group named "Surendra VIP Free Bull Stock Sharing Group-X98" on September 17 and the group claimed to offer lucrative opportunities for earning profits through stock market investments, as reported by Deccan Herald on Monday. Trusting the group's promises, Avinash followed their advice and opened a ‘Zerodha D-mat account’ to start his investment journey.
Initially, Avinash invested Rs 10,000 as per the group's instructions. However, the scammers soon directed him to another demat account, "EMCEE – Invest Group Inc," and encouraged him to invest larger amounts. Believing in the potential for returns, Avinash transferred a total of Rs 46.92 lakh from his bank account to various accounts provided by unknown individuals.
The transactions were made via Google Pay and online banking in phased payments.
Avinash mentioned in the complaint that despite the significant sums invested, he never received any returns or profits, and the fraudsters failed to refund the amount, leading to massive financial loss.
After realising he had been scammed, Avinash filed a complaint to the CEN station in Udupi.
A case has been registered under Sections 66 (C), 66 (D) of IT Act and section 318 (4) of BNS act.
