RCOM pays off 459 crore due to Ericsson; Anil Ambani avoids jail term
Following the Supreme Court order, before the deadline, Anil Ambani’s company Reliance Communications (RCOM) has paid Ericsson’s outstanding balance.
News Agency PTI quoted sources as saying that RCOM has paid the outstanding amount of Rs 458.77 crore to Ericsson.
Earlier, while deciding on the plea of Reliance Communications (RCom), the NCLAT had refused to give any direction to the State Bank of India (SBI) for granting the amount of tax refund of 260 crores to Ericsson.
After four weeks from the Supreme Court’s order to pay the loan, Reliance Communications (RCOM) appealed to banks to issue the amount of Rs 260 crore of tax refund of the company directly to Ericsson.
The decision of NCLAT increased Anil Ambani’s problems. According to the order of the court, Anil Ambani had to pay the remaining amount till March 19.
Significantly, the Supreme Court had ordered Reliance Communications Chairman Anil Ambani to pay arrears of Ericsson’s outstanding amount of Rs 459 crore within four weeks, convicting him of contempt. The court had said that if he fails to do so, he may have to go to jail for three months.
Ericsson had filed a contempt of court in Supreme Court against Anil Ambani, chairman of Reliance Telecom, Satish Seth and Reliance Infratel chairman Chawla Virani and SBI chairman in the case of non-payment of Rs 550 crore.
Not the end of troubles for Anil Ambani
Paying off Ericsson’s dues does not put an end to the worries of Anil Ambani. State owned company BSNL is reportedly planning to move to NCLAT after Ericsson to recover Rs 700 crore dues from Rcom. The hearing of the case is scheduled for next month on April 8.
