Ericsson asks SC to restrict Anil Ambani’s foreign travel after he defaults on Rs. 5.5 billion payment

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Anil Ambani
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Anil Ambani is back in news and this time it is not for the alleged Rafale scam.

Swedish telecom gear maker Ericsson has filed a petition in the Supreme Court for contempt of court against the Chairman of Reliance Communications after the firm failed to pay about Rs 5.50 billion to Ericsson to settle the dispute over dues. Ericsson has moved court to prevent Ambani and two of his senior executives to leave the country.

RCom had to pay the amount to Ericsson by 30th September, however, the company approached SC seeking a 60-day extension, as reported by Business Standard. Ericsson though did not agree to the extension and had gone ahead to file a contempt of court petition.

Ericsson in its petition told Supreme Court,

“They have no respect for the law of the nation, prevent any of these persons from leaving the country without special permission from the court. These directions are necessary to secure ends of justice.”

The equipment maker alleged that it had signed a seven-year deal in 2014 to operate and manage RCom’s nationwide telecom network, but had not been paid dues of more than Rs. 1,000 crore. After several months of legal wrangling, RCom managed to stave off the insolvency process by agreeing before the NCLAT to settle its dues with Ericsson for Rs 550 crore, subject to riders. At the same time, the telco also struck a Rs 232-crore settlement with minority shareholders of Reliance Infratel.

Image result for anil ambani ericsson

SC will hear the plea of RCom on 04th October whereas a date for Ericsson is yet to be finalised. As per sources, Ericsson’s petition too can also be taken up on 04th October along side the RCom hearing.

Meanwhile, the National Company Law Appellate Tribunal will hear the matter on 3rd October, although, the tribunal has asked both parties to settle the disputes.

Queries sent to the companies remained unanswered.

So far, RCom has already sold its optic fibre and switching nodes to Jio for Rs 5,000 crore. But its main deal to sell its spectrum to the Mukesh Ambani-owned telco is stuck in a legal tussle, with the telecom tribunal hearing RCom’s appeal against the telecom department’s demand for Rs. 2,000 crore as spectrum usage charge (SUC) before approving the transaction.

Anil Ambani group is already running a debt of Rs. 45,000 crore.

 

 

With inputs from Business Standard and TOI

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1 COMMENT

  1. Hmm is anyone else encountering problems with the images on this blog loading?
    I’m trying to determine if its a problem on my end or if it’s the blog.
    Any feedback would be greatly appreciated.

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