Jio can’t be allowed to finish off competitors

About nine months ago, one day, without warning, this writer’s Reliance ‘Netconnect’ dongle stopped working. The Wi-Fi service from Reliance Communications (RCom) going bust was one of the many tell-tale signs of the 15-year-old Anil Ambani telecom company trudging the road to oblivion.

Recently, RCom informed the stock exchanges that it will be filing for bankruptcy before the National Company Law Tribunal (NCLT) following its failure to conclude an assets sale agreement with Reliance Jio. RCom had hit a wall after creditors and the Department of Telecom (DoT) had raised objections on the deal.

The company was hoping to raise Rs 25,000 crore through monetising of its assets. This will now have to take the transparent route of the Insolvency & Bankruptcy Code (IBC).

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