Anil Ambani to pay Rs 453 crore or face Jail in Ericsson case

NEW DELHI: The Indian Supreme Court on Wednesday  found Industrialist Anil Ambani guilty of contempt for not paying dues to Ericsson AB, saying that the chairman of the Reliance Group will face a jail term if he doesn't pay Rs 453 crore to Swedish telecom equipment maker within four weeks.The apex court has given Reliance Communications Ltd four weeks to clear the Rs 550-crore dues to Ericsson, which once supplied telecom network equipment to them. The court also said Ambani will face three months in prison if he  fails to clear  dues. The court tore into the Reliance Communications chairman for what it called a "cavalier attitude" and fined him and two of his directors Rs 1 crore each. "Anil Ambani and others breached their undertaking," the court said, calling it "willful disobedience" of its order that they should repay Swedish telecom equipment maker Ericsson. In a statement, a Reliance Communication Limited spokesperson said: "We respect the Supreme Court judgement. The RCOM Group shall comply with the same."

from The News International - Business https://ift.tt/2STAuRh