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Doha Bank claims voting rights in Reliance Infratel wrongly reduced

Mumbai: Doha Bank and three other foreign lenders have approached the bankruptcy court in the Reliance Communications case, claiming that their voting rights in subsidiary Reliance Infratel were reduced to 15% from 50% after local lenders invoked bank guarantees of Rs 8,000 crore issued by the company in favour of RCom.

Doha Bank sought a stay on a meeting of the RCom committee of creditors (CoC) until the National Company Law Tribunal rules on its plea. The tribunal will hear the matter on Friday.

“We will be marginalised. By invoking the guarantees, our debt has increased… and the value of assets has been reduced,” the banks legal representatives said.

Doha Bank told the court it wanted its petition heard before e-voting in the CoC on various proposals starts on Monday.

The banks application in the NCLT in Mumbai came on the back of insolvency proceedings of the Anil Ambani-owned telco and its units Reliance Infratel and Reliance Telecom. Financial and operational creditors have sent their claims to the interim resolution professional, RBSA Advisors LLP.

According to the IRPs report put up on RComs website, Reliance Infratels lenders have claimed Rs 12,687.65 crore, of which Rs 9,665.07 crore has been admitted so far. Claims against RCom stand at Rs 49,193.46 crore and RBSA Advisors has admitted Rs 47,038.79 crore.

Appearing for Doha Bank at the NCLT on Thursday, advocate Prateek Seksaria said the lender and three other foreign banks had lent Rs 1,400 crore to Reliance Infratel, the tower unit of RCom. Doha Bank alone lent Rs 408.81 crore.

The CoC meeting started on Thursday to consider the appointment of a resolution professional and the various claim amounts, among otheRead More – Source
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