Tax Authorities crying foul in Reliance Jio Demerger Deal

Facts of the Case

Reliance Jio Infocom Limited (‘Reliance Jio’) is a Public Limited Company registered under Companies Act 2013. It is an Indian Telecommunication Company and a wholly-owned subsidiary of Reliance Industries, headquartered in Mumbai, Maharashtra, India. It operates a national LTE network with coverage across all 22 telecom circles.

Reliance Jio filed a Composite Scheme of Arrangement (‘Scheme’) before National Company Law Tribunal (‘NCLT’) Ahmedabad Bench for its approval. There were three different arrangement for which approval was sought through such Scheme, the same are as follows:

• Demerger of Optic Fibre undertaking of Reliance Jio into Jio Digital Fibre Private Limited (‘Jio Digital Fibre’).

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