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RCom clarifies that news reports for sale of the DAKC Property is factually inaccurate

RCOM in an exchange filing on BSE on January 24, 2023 clarified that, “certain reported news articles have indicated that the committee of creditors (“CoC”) of RCOM is planning to put up the headquarters of RCOM, situated at Dhirubhai Ambani Knowledge City, Navi Mumbai (“DAKC Property”), for sale and has set up a committee consisting of two lenders and the resolution professional to identify buyers for such assets.

It is clarified that the media reports indicating that the CoC or the resolution professional of RCOM is conducting any process for sale of the DAKC Property is factually inaccurate. It is important to highlight that the DAKC Property is an asset of a subsidiary of the Company, namely Reliance Realty Limited (“RRL”).

The board of directors of two wholly owned subsidiaries of RCOM, namely RRL and Campion Properties Limited (“CPL”) (RRL and CPL are collectively referred to as “Selling Companies”) have vide their respective board resolutions approved the initiation of sale process for certain properties owned by such Selling Companies (“Properties”). These Properties inter alia include the DAKC Property.

Further, given that the sale of the Properties shall also require the approval of RCOM (being the sole shareholder of the Selling Companies) under the Companies Act, 2013, the Selling Registered Office: Reliance Communications Limited. H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai – 400 710 CIN No.: L45309MH2004PLC147531 Companies have intimated RCOM in its capacity as the shareholder of the Selling Companies, regarding the proposed process being initiated by the Selling Companies for identification of potential buyers, and at the time of finalisation of the terms of sale, the Selling Companies shall respectively approach RCOM for seeking necessary approvals, in its capacity of being shareholder of the Selling Companies.

The resolution professional of the Company has intimated and deliberated over the above matter with the committee of creditors of the Company; however, no approval has been sought from or given by the committee of creditors regarding the sale of the Properties at this stage.”

CT Bureau

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