RCom default: NCLAT dismisses contempt petition against Anil Ambani

The NCLAT on Tuesday dismissed contempt petitions filed against Reliance Group Chairman Anil Ambani and other officials by minority shareholders, alleging non-payment of dues by Reliance Infratel.

A two-member bench headed by NCLAT Chairman Justice S J Mukhopadhaya dismissed the pleas against Ambani and officials after observing that consent terms agreed upon between RCom and minority shareholders, including HSBC Daisy Investments (Mauritius), for payment of dues can not be a ground for initiation of contempt proceedings.

“We find that no case is made out for initiation of contempt proceedings against any of the alleged ‘Contemnors’ ‘Respondents’…Both the applications are accordingly dismissed,” the NCLAT said.