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Sun, 26 May 2019

Northeast Today

Supreme Court to Pronounce its Verdict on Wednesday In Ericsson’s Case Against Anil Ambani and Others

Supreme Court to Pronounce its Verdict on Wednesday In Ericsson’s Case Against Anil Ambani and Others
February 20
12:48 2019

NET Bureau

The Supreme Court is scheduled to pronounce its verdict on Wednesday on three contempt applications filed by Telecom equipment maker Ericsson against Reliance Group chairman Anil Ambani and others for not clearing dues.

A bench of Justices RF Nariman and Vineet 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 were unable to clear its Rs. 550-crore dues, a charge which was vehemently denied by the Anil Ambani-led company.

Anil 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 not in control of the funds.

Reliance Communications (RCom) had told the court they had tried to move “heaven and earth” to ensure Ericsson gets its due but was unable to do so due to failure of assets sale deal with Reliance Jio.

The contempt plea has been filed against Anil Ambani, Reliance Telecom chairman Satish Seth, Reliance Infratel chairperson Chhaya Virani and SBI chairman.

The court on October 23 asked RCom to clear the dues by December 15, 2018, saying delayed payment would attract an interest of 12 per cent per annum.

The plea by Ericsson had sought that the court direct Anil Ambani and the lenders forum to hand over the Rs. 550 crore with interest from sale proceeds as per the October 23 order.

 

Source: NDTV

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