Anil Ambani’s RCom pays Rs 459 crore to Ericsson, avoids jail
New Delhi, Mar 18: Industrialist Anil Ambani has avoided a prison term by paying Swedish telecom equipment maker Ericsson Rs. 458.77 crore in dues a day before the Supreme Court's deadline.
Anil Ambani Monday thanked his brother Mukesh and Nita Ambani for extending "timely support" after his debt-laden firm Reliance Communication cleared payments due to a service provider just a day before expiry of deadline set by the Supreme Court.
"My sincere and heartfelt thanks to my respected elder brother, Mukesh and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture," he said in a brief statement issued through the company spokesperson.
In February, the Supreme Court had held Ambani and two directors in contempt of court on a petition filed by Ericsson. Justices Rohinton Nariman and Vineet Saran held that three Reliance companies had had no intention of paying the money they owed Ericsson. They also rejected Reliance Communications' unconditional apology.
The court had set March 19 as the last date to make the payment and had threatened to send the accused to jail if the money was not paid.
In 2017, the Swedish company moved a bankruptcy court against Reliance, alleging it had not been paid dues of around Rs 1,500 crore. After the case reached the Supreme Court, Reliance Communications was given two deadlines to repay dues, but the company missed both.
Reliance Communications had announced on February 1 that it would file for bankruptcy through the National Company Law Tribunal after failing to sell assets to pay debt of around Rs 45,000 crore.