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Trouble ahead for Anil Ambani, SC takes action on Ericsson case

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A big trouble ahead Anil Ambani, Supreme Court today issued order to either pay Rs. 453 crore to Ericsson and failing to which he will have to go through imprisonment of three months. Reliance Group chairman and its two directors guilty of contempt for willfully not paying Rs 550 crore to Ericsson. Swedish telecom equipment maker Ericsson had filed three contempt plea in the Supreme Court for not clearing its dues.

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“Unconditional apology by Reliance can’t be accepted given the attitude of the deponent to the highest court of the land. Three Reliance companies had no intention of payment of money, it amounts to contempt,” SC said.

Ericsson had sought contempt action by way of remanding them to civil prison and had also urged the court to seize the personal assets of Ambani and recover its dues.

Ambani, who was directed to be present during the two day long hearing on the contempt case, was present in court when the ruling was delivered.

The court had reserved its judgement on February 13 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.

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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 Jio.

His lawyer Mukul Rohtagi had argued that Ambani could not be held personally liable for the dues of a listed company.

The contempt plea was filed against Ambani, Reliance Telecom chairman Satish Seth, Reliance Infratel chairperson Chhaya Virani and SBI chairman

The insolvency proceedings against the company will now go ahead.

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