Anil Ambani pays dues, avoids jail term
March 19, 2019
Anil Ambani, the Chairman of Reliance Communications has avoided going to jail at the last minute.
Anil Ambani has paid Rs 550 crore to Ericsson India as was ordered by the Supreme Court. Anil Ambani was given a time of 4 weeks to pay the amount or serve a jail term of three months.
Anil paid up the due amount just one day before the deadline yesterday.
Ericsson India had approach the Supreme Court against Anil Ambani for failing to keep his commitment of paying dues of Rs 550 crore for services rendered.
Supreme Court heard the case in February and found Anil Ambani and two company directors guilty of contempt of court. He was ordered to pay back the dues of â'¹462 crore to Swedish telecom company Ericsson.
Anil Ambani's Reliance Communications has suffered losses due to the success of Reliance Jio Infocomm Ltd.
Jio, owned by Mukesh Ambani became a huge success in the country and affected the market value of Reliance Communications negatively.
Social media had a field day tweeting about the whole affair.
Sean Seglerâ€ @SeanSailorx ,Replying to @business Can you imagine someone telling you have 48 hours to come up with 80m cash and you're wealthy enough you think you might be able to pull it off?
Swati Chaturvediâ€Verified account @bainjal wrote,Swati Chaturvedi Retweeted Swati Chaturvedi Interesting that Anil Ambani paid up when he was threatened with jail. What about his other business serial disasters over the years? Who is responsible? "