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Reliance Capital lenders have approached the National Company Law Appellate Tribunal ( NCLAT ) to seek a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital has filed an appeal before the appellate tribunal.

The petition has been listed before the bench headed by Chairman Justice Ashok Bhushan for hearing on Tuesday.

Earlier on February 2, the Mumbai bench of the National Company Law Tribunal (NCLT) had ruled against holding a fresh round of auction for the takeover of Anil Ambani-promoted Reliance Capital and said the challenge mechanism for financial bids has already concluded.

It upheld the plea by Torrent Investments ‘ plea challenging bankers’ decision to go for the second round of auctions in pursuit of higher value for the bankrupt company.

NCLT in its order said the bench allows Torrent Investment’s application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest.

Torrent Investments had filed a plea on January 9, requesting the tribunal to quash the lenders’ plans to hold a fresh auction for the takeover of Reliance Capital.

Torrent Investment was the highest bidder offering Rs 8,640 crore in the last round of the ‘challenge mechanism’.

Reliance Capital has a consolidated debt of about Rs 40,000 crore.

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The government expects Vodafone Idea (Vi) to soon start 5G rollouts as the company has to meet the minimum rollout obligations after having bought 5G spectrum in last year’s auction. To provide relief, the government has converted the cash-strapped company’s accrued interest on deferred adjusted gross revenue (AGR) dues worth ₹16,133 crore into equity last week.

“We have sold the spectrum to them, and we expect them to roll out because there are minimum rollout obligations,” telecom secretary K Rajaraman told ET when asked about Vi’s pending 5G rollout . He added that the government has implemented what was approved in the reforms package, in response to a query on the equity conversion .

The government had in September 2021 approved a relief package for the telecom sector, which among other measures, allowed carriers to defer payment of AGR-related dues by four years. It had also allowed telcos to convert the interest on such accrued dues into government equity. Vodafone Idea had opted for such equity conversion in January 2022.

As per the network rollout obligations, a telco has to commercially launch 5G services anywhere in each of the three metros within the first year from spectrum allotment. Also, at least one city has to be provided with 5G in each of India’s 22 telecom circles.

As per rules, non-compliance attracts a financial penalty, and if there is a delay of service launch of more than 52 weeks, the spectrum assigned can even be taken back. In the auction that ended on August 1, 2022, Vi had acquired 5G spectrum in the 3300MHz and 26GHz 5G bands for ₹18,799 crore. The airwaves were allocated to the winning bidders – Reliance Jio, Bharti Airtel and Vi – by mid-September 2022, so the rollout obligations kick in a year from then.

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Twitter CEO Elon Musk on Sunday said that the last three months have been “extremely difficult” because he “had to save Twitter from bankruptcy ” while also fulfilling his duties at Tesla and SpaceX. Musk stated on his official Twitter account that the microblogging site continues to face difficulties.

Elon Musk stated on Twitter, “The last three months have been extremely difficult, as I had to save Twitter from bankruptcy while also fulfilling critical Tesla and SpaceX duties. I wouldn’t wish that on anyone. Twitter continues to face challenges, but it is on track to break even if we persevere. The public’s support is greatly appreciated! “. He took to Twitter in response to a Wall Street Journal article.

Musk bemoaned the company’s “massive drop in revenue” just one week after closing the USD 44 billion deal to buy Twitter in October, blaming it on “activist groups pressuring advertisers,” according to the reports. According to the news reports, he has made a number of changes on Twitter since then.

Elon Musk has cut roughly half of Twitter’s workforce, launched a revamped microblogging site Blue subscription service, and even auctioned off memorabilia from the company’s San Francisco headquarters. In November, he defended Twitter layoffs, claiming that the company was losing USD 4 million per day.

Twitter recently announced that it will begin charging a fee to access its API , which developers use to create third-party services. Earlier on January 13, Musk revealed some of the changes that would be implemented in the microblogging platform beginning next week. Elon Musk wrote that the Bookmark button moving to the tweet details page, fix image length crop, and other minor bug fixes next week.

FAQs

Q1. How much was the Twitter deal with Elon Musk?
$44 Billion.

Q2. What is Elon Musk’s net worth in Indian rupees?
Elon Musk’s net worth is 18,420 crores USD

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ETPrime stories of the day

Real Estate Interest rates are rising, so are rental yields. Is it the right time to invest in property? 8 mins read

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Strategy Stock Radar: Technical charts suggest HDFC Bank is likely to hit fresh record highs in next 3-6 months; time to buy? 3 mins read