Anil Ambani’s RCom Pays Rs 462 Crore To Sweden’s Ericsson

Swedish telecom equipment maker Ericsson has received Rs 462 crore from Indian telecoms firm Reliance Communications Ltd (RCom), a spokeswoman for Ericsson said on Monday, reported Reuters.

The Supreme Court in February has asked Reliance Communications Anil Ambani to serve jail term for three months if he would not clear the dues of Rs 453 crore in a time span of four weeks. The apex court also directed Reliance Communication, Reliance Telecommunication and Reliance Infratel to deposit Rs 1 crore each in four weeks to the apex court registry. If not, the chairpersons of these companies will have to undergo an additional jail term of one month.

It directed that Rs 118 crore already deposited by Reliance Group in the apex court registry be disbursed to Ericsson within a week.

“From undertakings given by Reliance Group’s top brass, it appears they have willfully not paid the amount to Ericsson despite orders and undertakings given,” it said.

The apex court specified that any unconditional apology given by Reliance needs to be rejected as they have breached the undertaking and order.

The Supreme Court held that the RCom chairman, as well as Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani, breached the undertaking given to the apex court and related orders.

Minutes after pronouncement of the verdict, senior advocate Mukul Rohatgi, who appeared for Ambani, said he respects the decision of the apex court and expressed confidence that the group will honor the directions on payment of dues to Ericsson.―DNA India