Anil Ambani's RCom pays Rs 458.77 crore to Ericsson: Sources
PTI | Updated: Mar 18, 2019, 19:15 ISTHighlights
- Failure to cough up the dues would have meant that RCom chairman Anil Ambani would have faced a 3-month jail term
- Observing there was a 'wilful default', the Supreme Court last month held Ambani guilty of contempt of court and ordered the company to clear dues within four weeks
NEW DELHI: Racing against time to meet the Supreme Court's deadline, Reliance Communications (RCom) has paid Rs 458.77 crore of dues to Swedish telecom equipment maker Ericsson, according to sources.
Failure to cough up the dues would have meant that RCom chairman Anil Ambani would have faced a 3-month jail term. Observing there was a 'wilful default', the Supreme Court last month held Ambani guilty + of contempt of court and ordered the debt-laden company to clear the dues to Ericsson within four weeks or face a 3-month jail term.
A source in the know said RCom has paid Rs 458.7 crore to Ericsson as per the SC directive, but did not divulge details. However, Ericsson could not be reached for comments.
Failure to cough up the dues would have meant that RCom chairman Anil Ambani would have faced a 3-month jail term. Observing there was a 'wilful default', the Supreme Court last month held Ambani guilty + of contempt of court and ordered the debt-laden company to clear the dues to Ericsson within four weeks or face a 3-month jail term.
RCom looks to real estate assets, Jio deal to pay Ericsson dues
The company said in a statement on Thursday it has already deposited Rs 118 crore with the Supreme Court and has sought approval from its lenders to release tax refunds of a further Rs 260 crore to Ericsson. Since the company is in bankruptcy court for debt resolution, it needs lenders' approval for any such transaction.
A source in the know said RCom has paid Rs 458.7 crore to Ericsson as per the SC directive, but did not divulge details. However, Ericsson could not be reached for comments.
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