Supreme Court held Anil Ambani guilty of contempt in Ericsson Case
Supreme Court ordered that Reliance Group chairman Anil Ambani and two directors would go to jail for three months if they don’t pay Rs. 453 crore to Ericsson that also within four weeks. A case was filed by Ericsson India against them for not paying its dues of 550 crores.
On 13th February, a bench of Justices RF Nariman and Vineet Saran gave their judgment when Ericsson India brought an allegation that the Reliance Group has the money to invest in the Rafale jet deal but they can’t clear its Rs 550-crore dues. This charge has been strongly denied by Anil Ambani-led Company.
Ambani informed the court that his company has entered insolvency proceedings and is not in control of the funds. This happened due to the failure of his assets sale deal with the elder brother Mukesh Ambani-led Reliance Jio.
Ericsson filed the case against Ambani, Reliance Telecom Chairman Satish Seth, Reliance Infratel chairperson Chhaya Virani and SBI chairman.
On 23rd October 2018, the court has asked RCom to clear the dues by 15 December 2018 and also said that delayed payment would charge an interest of 12 percent per annum.
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