Court to Anil Ambani - Pay dues or go to jail
February 21, 2019
Anil Ambani, Chairman of Reliance Communications did not get any relief from the Supreme Court in the Ericsson India case.
The case has been filed by Ericsson India against Anil Ambani for failing to keep his commitment of paying dues of Rs550 crore.
Anil Ambani and two Directors of his company have been found guilty of contempt of court.
Here are the case details, Ericsson is a Sweden based company and was managing the RCom - Reliance Communications network in India.
As per reports, Reliance Communications settled a repayment of 1,600 crore in dues by offering to pay Rs 550 crores after filing for bankruptcy. However, the company failed to make the payment by 15 December, which was the final deadline.
Ericsson then filed case against Chairman Anil Ambani in January this year and Supreme Court heard the plea yesterday.
The Supreme Court has ordered that Anil will need to pay Rs 453 crore to Ericsson within four weeks or he will be jailed for a duration of three months.
Social media users shared thoughts about the Court's decision.
Replying to @ndtv @LogicalBabaa tweeted,"Since this is a foreign company the case is being heard. If it is an Indian company, they would have been threatened and even a false case foisted on them."
CA AJ @LostSoulXD wrote,"Replying to @ndtv Just 3 months jail for not paying 450 crore? I think 99% of the people will opt for this scheme"
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