Anil Ambani must Pay the Outstanding to Ericsson or Face Jail- The Supreme Court

Anil Ambani must Pay the Outstanding to Ericsson or Face Jail- The Supreme Court

The Supreme Court on Wednesday held Anil Ambani guilty in the contempt petition filed by Swedish telecom equipment producer Ericsson against the Reliance Group. The bench headed by Justices RF Nariman and Vineet Saran have now ordered Ambani to pay 453 crores to Ericsson in next four weeks in addition to 118 crores which Reliance has deposited with the court.

Along with Anil Ambani, Reliance Telecom chairman Satish Seth, Reliance Infratel chairperson Chhaya Virani have also been convicted. The trio will be sent to jail for a three-month term if they fail to clear the dues of Ericsson within a four-week period, asserted the Supreme Court.

The bench also imposed a fine of 1 crore each on three of them, for not complying with the apex court’s erstwhile order directing them to pay the outstanding amount to Ericsson.

On February 13, the bench of Justices Nariman and Saran on February 13 reserved its judgement when Ericsson India had alleged that the Reliance Group has money to invest in the Rafale jet deal but they it was unable to clear its Rs 550-crore dues, a charge which was vehemently denied by the Anil Ambani-led company.

Ambani told the top court that with the failure of its assets sale deal with elder brother Mukesh Ambani-led Reliance Jio his company has entered insolvency proceedings and is now not in control of the funds.