Beleaguered telecom operator Reliance Communications has sought an “urgent” approval from its lenders to release about ₹260 crore lying with it to Ericsson.
The Anil Ambani group company had received this ₹260 crore as income tax refund. It had earlier deposited ₹118 crore with the Supreme Court Registry, RCom said in a statement.
“RCom is confident of raising the balance about ₹200 crore for payment to Ericsson, in order to ensure that the entire ₹550 crore, plus interest thereon, stands paid to Ericsson, well within the time of four weeks allowed by the Supreme Court,” it added.
On Wednesday, the Supreme Court held RCom Chairman Anil Ambani and two directors of the group guilty of contempt of court and asked them to pay ₹453 crore to Swedish telecom equipment major Ericsson within four weeks. Failure to comply with the order will invite a three-month jail-term.
This is in addition to the ₹118-crore RCom had deposited with the Supreme Court Registry, said the court order. Reliance Telecom Chairman Satish Seth and Reliance Infratel Chairperson Chhaya Virani are the other two directors found guilty by the court.
RCom’s deadline to pay ₹550 crore to Ericsson, which was personally guaranteed by Anil Ambani, ended on December 15.
A bench comprising Justices RF Nariman and Vineet Saharan pronounced the verdict in the Ericsson case.