Settle Dues Or Face Jail: SC Tells Anil Ambani

The Supremo Court Today held Anil Ambani and Two Directors of RCom guilty of contempt of court in connection with the case related to Ericsson India.

SC set a deadline of four weeks for Anil Ambani and Two Directors (Satish Seth, Chhaya Virani) to pay the dues to the tune of Rs 453 crore to Ericsson. Or else, All of them will have to be prepared to face 1-month jail term. A fine of Rs 1 crore was imposed on each one of them for contempt of court.

The Apex Court maintained that Rs 118 crore deposited by Reliance Group in its registry will be transferred to Ericsson India.

On October 23rd last year, RCom was ordered to clear the dues by December 15th, 2018 on condition that delayed payment attracts 12 percent interest per annum. As RCom failed to do so, Ericsson India sought the SC to direct Anil Ambani to pay Rs 550 crore with interest. RCom informed the court that it was unable to settle the dues as the takeover deal with Jio hasn't materialised. Following which, Supreme Court delivered the verdict in favour of the Swedish Company.