Supreme Court Ordered Anil Ambani To Pay Rs 453 Crore to EricssonTop Stories

February 20, 2019 16:03
Supreme Court Ordered Anil Ambani To Pay Rs 453 Crore to Ericsson

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Supreme Court on Wednesday holds Reliance Communication chairman Anil Ambani and two directors guilty of contempt of court on a contempt plea filed by Ericsson India against him over not clearing its dues.

The apex court ordered Anil Ambani & 2 other directors to pay Rs 453 Cr to Ericsson India within 4 weeks & if they fail to pay the amount, three months' jail term will follow. SC also imposed a fine of Rs 1 crore each on them, if not deposited within a month, 1-month jail will be awarded, ANI reported.

Earlier this month on February 13, the bench of Justice RF Nariman and Justice Vineet Saran reserved its judgment when Ericsson India had alleged that the Reliance Group has all money to invest in the Rafale jet deal but they were unable to clear its dues of total Rs 550 crore.

The Reliance company led by Anil Ambani denied the charge.

Anil Ambani had told the Supreme Court that has entered insolvency proceedings due to failure of Reliance Communications (RCom) assets sale deal with Mukesh Ambani-led Reliance Jio. He argued that he is not in control of the funds.

Last year On October 23, the Supreme court had asked Reliance Communication to clear the dues by December 15.

The top court had also said delay in payment would add an interest of 12 per cent per annum.

Swedish telecom company Ericsson had filed three contempt cases and also sought proceedings against Reliance Infratel Ltd, its chairperson Chhaya Virani, Reliance Telecom Ltd, its chairman Satish Seth, and State Bank of India.

-Sai Kumar

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Supreme court  Anil Ambani  Ericsson