Mumbai: The Chairman of Reliance Communications, Anil Ambani has expressed thanked Reliance Industries Chairman, Mukesh Ambani and Nita Ambani for their support regarding payment of dues to Ericsson as all the RCOM’s outstanding to the Swedish company stand cleared.
“The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Supreme Court,” an RCOM spokesperson said.
Acknowledging his elder brother and RIL Chairman Mukesh’ support, Anil D. Ambani, Chairman, RCOM, said: “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 grateful and touched with this gesture,” he added.
Younger brother Anil Ambani express heartiest thanks to Mukesh-Nita for paying his dues:
Earlier, The Supreme Court held Reliance Communications (RComNSE 10.00 %) chairman Anil Ambani in contempt for not paying Ericsson’s dues worth Rs 550 crore despite having the money to do so, threatening to send the businessman to jail for three months if he didn’t cough up what was owed in four weeks. The stock tumbled after the decision.
The Rs 118 crore already deposited by RCom with the top court will be paid to Ericsson in a week, said the bench led by Justice RF Nariman. Since the amount to be paid has been calculated at Rs 571 crore along with interest, the amount due in four weeks is Rs 453 crore. The company said it would abide by the ruling. RCom’s operational creditor Ericsson had filed three contempt pleas to press for its dues.
The court observed that RCom’s undertaking to pay Ericsson was not “conditional”, contrary to the company’s claims and wasn’t linked to the disposal of any specific assets to Mukesh Ambani-led Reliance Jio Infocomm or other entity.
Besides, it had the money but chose not to pay, said the bench, which also comprised Vineet Saran. The court gave RCom and associated companies another chance to “purge” themselves of contempt by paying the settlement amount plus interest.
If they don’t do so, Anil Ambani and the chairmen of RCom units Reliance Infratel and Reliance Telecom-Chhaya Virani and Satish Seth-will be jailed for three months, the court said.
