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Anil Ambani Guilty Of Contempt; Pay Up Or Go To Jail, Says Supreme Court

The famous industrialist Anil Ambani was found guilty by the judges at Supreme Court. The Supreme Court announced that Mr. Ambani may be imprisoned for three months if he is unable to pay around 453 crores to Ericsson India in about 4 weeks from now. The court heavily disregarded the disdainful attitude of Ambani in this regard, and additionally fined him and his two directors a sum of 1 crore each. Anil Ambani and others breached their undertaking,” the court said, calling it “willful disobedience” of its order.

To calm the situation, a RCOM spokesperson said that they deeply respect the judgment made by the Supreme Court & will honor the judgment passed by the court.

Here’s what you should know about the development in this story till date-

  1. The Supreme Court rejected the unconditional apology as given by Reliance India as the company has clearly breached the contract with Ericsson.
  2. In 2018, Ericsson India approached the Supreme Court as RCom executives failed to clear the unpaid dues of a whopping 550 to the former company.
  3. Ericsson contested in the court stating the Reliance Group did manage to invest money in the popular Rafael jet deal but they were unable to credit the dues to them which has been pending since long.
  4. Anil Ambani stated that he was unable to make an assets sale deal with his own brother Mukesh, failing which his company entered the insolvency stage; he ultimately lost the control over his funds. Unfortunately, the asset deal couldn’t happen as proposed because the government refused to offer immunity to Mukesh’s firm which meant he would safeguard his firm from previous liabilities.

Finally, the plea forwarded by Ericsson has been accepted by the court and it means that as per the court orders, Mr. Anil will have to give over Rs 550 crores plus interest which he may soon be receiving from asset sale proceeds. RCom which was once upon a time one of the best mobile carriers a decade back, shut its operations related to mobile back in 2017.

Zee TV and Reliance Tie-Up: ZEE Buys Reliance TV Channels, 49% in Radio

Zee TV and Reliance Tie-Up

Anil Ambani’s Reliance Capital on Wednesday announced that it would sell its whole TV entertainment and 49 percent stake in its radio business to Subhash Chandra-led Zee group units to cut debt by Rs 1900 crore.

On Wednesday, Reliance has signed with this deal and said that “ZEE Entertainment Enterprises Limited, a spate unit under Zee Group will obtain 100 percent stake in Reliance’s Entertainment TV business and 49 percent of its radio business to Zee Media Corporation Limited (ZMCL) which is currently operating 11 news channels.”

The Anil Ambani-led Reliance Capital group said the company took this initiative to exit non-core business to cut debt. According to the latest news, under the TV business, Zee group has attained two operational general entertainment channels Big Ganga and Big Magic and four other TV licenses. Big Ganga is a popular Bhojpuri entertainment channel providing services to the audience in Bihar, Jharkhand, and Purvanchal while Big Magic is a comedy channel.

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According to the Government’s lock-in rules, the purchase of 59 FM radio licenses will be made in two stages. After the lock-in period expires, Zee will also have the right to buy the remaining 51 percent stake.

Reliance Broadcast Network Limited (RBNL) operates 45 FM radio stations. Besides that, it has taken 14 new licenses under phase-III auctions.  Reliance Said, “All these transactions have been approved by the boards of two companies and are expected to be completed by next year.”

On the flipside, Zee said, “The board of directors of Zee Entertainment Enterprise today approved the attainment of global entertainment broadcasting business enterprise of reliance big broadcasting Private Limited, Big Magic Limited and Azalai Broadcast Private Limited, all part of Anil Ambani-led Reliance group. Meanwhile, the transaction is expected to close in the second-half of 2017.”

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According to the contract, RBNL would transfer its FM radio operations and licenses to two special Purpose Vehicles (SPV’s).

RCOM Launches Welcome Offer for New Subscribers

RCOM Launches Welcome Offer

The Reliance Communications has joined in the festive season by launching exciting offers to their customers. The company has introduced a New Welcome Offer which gives 1GB 3G data for less than Rs. 50.

To counter the Reliance Jio Welcome offer almost all the major Telecom networks have launched the new 3G/4G offer to their customers. If you observe this Reliance Communications newly launched RCOM welcome offer, it is obviously released to counter Jio welcome offer.

After merging with Aircel, this is the first new salvo introduced by the Reliance Communications to attract new customers with existing offers. Anil Ambani had said, “We are confident about the future of Reliance Communications and its market position. We have accomplished a virtual merger between Reliance Communications and Reliance Jio.”

Targeting the 3G users, the Reliance Communications has launched two new offers.

RCom Launches MoviNet Plan for Prepaid and Postpaid Users

RCOM Rs. 496 Plan
  • On recharge with Rs. 496, users will get 496 minutes of talktime, 10GB of 3G data. This makes Rs 49.60 for 1G of data, which is less than 40p of what Reliance Jio is offering.
  • This offer is valid for three months and each call would cost only 25paise per minute.
RCOM Rs. 295 Plan
  • In this plan, customers have to recharge with Rs. 295. After recharging with that amount, you will get 295 minutes of talktime and 3GB of 3G data.
  • The call charges are commenced as 25paise per minutes and this offer valid for 3months.

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These both the plans are useful for the customers as they are providing for a low cost. After completing valid period, it is expected to introduce new tariff plans. The Reliance Communications has not missed 2G users, for them they have launched the Welcome Offer of Rs 141, which will provide 5GB of 2G data, 141 Talktime minutes and call cost of 25p for 3days.

So, users of 2G, 3G and 4G can enjoy these welcome offers. However, RCOM has also launched the exclusive plans of voice calls for existing users.

Mukesh Ambani Tops First In The Forbes For 9 Consecutive Years

Mukesh Ambani Tops First In The Forbes For 9 Consecutive Years

Singapore: Mukesh Ambani, RIL (Reliance Industries limited) Chairman has topped the annual Forbes list of the richest Indians for the ninth consecutive year. This industrialist was with a sharp increase in networth from $18.9 to $22.7 billion as the shares rose by 21% in the past 12months. This increase was due to the launch of Reliance Jio.

While his brother Anil Ambani, ranked 32nd in the list with a networth of 3.4 billion.

The second in the Forbes list Dilip Shanghvi, India’s richest Pharmaceutical magnate was with net worth of $16.9 billion. He was down with $1.1 billion compared with last year. This was because of the drop in the shares of Sun Pharmaceutical Industries, world’s fifth largest generics maker. Sun Pharma has acquired 14 drugs from Novartis in Japan.

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In the third of the list stands the Hinduja Brothers- Srichand, Gopichand, Prakash, and Ashok control multinational empire Hinduja Group. Business ranges from trucks and lubricants to banking and also cable vision. These siblings are with a net worth of $15.2 billion as they are up from $14.8 billion in the last year. Recently in July the company has commissioned its delayed 1,040MW thermal power unit in South.

Azim Premji the Tech magnate who led Wipro for five decades just slips from the third to fourth in the list by a close difference having a net worth of $15 million. Wipro is the India’s third largest outsourcer had a 6% fall in the net earnings due to sluggish sales.

It is to the surprise that most of the Forbes listed Business tycoons are Gujaratis. When its comes to wealth creation it seems like Gujaratis are dominant community with Ambanis, Adanis, Shanghavis, and Patels with concern in securing of top positions in the list in large number.

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Some of the other Gujaratis in the list are Uday Kotak standing with 11th position with net worth of $8.3 billion, Gautam Adani in the 13th position with $6.3 billion., Shasi and Ravi Ruia with $5.9 billion, Pankaj  Patel is ranked 23rd with networth of $4.5 billion, Karsanbhai Patel in 52nd  place with 2.24 billion, Rajesh Mehta on 61st rank with $1.8 billion and followed by Nirav Modi on 71st rank with a net worth of $1.74 billion.

According to the Forbes list, the combined networth of all 100 India’s wealthiest Business tycoons is $381 billion ( Rs 25.5 lakh crore).

Reliance Communications to Merge Wireless Business with Aircel

RCom, Aircel to merge mobile business

The much-anticipated merger deal between Reliance Communications (R-Com) and Maxis Communications Berhad (MCB), promoters of Aircel has signed a final agreement for the merger of their wireless businesses in India. It was creating a company with a net worth of Rs. 35,000 crore and assets of Rs. 65, 000 crores.

Reliance Communications, controlled by Anil Ambani and Aircel’s parent Maxis Communications Bhd will be own 50 percent of the merger carries. The merging of Reliance wireless business with Aircel has been tied up following a months-long process.

Reliance Jio Fiber 1 Gbps Plans Starts at Rs. 500

Currently, the Reliance Communications is the fourth largest mobile carrier by subscribers while Aircel ranks sixth in the list. By merging, the transaction of R-Com will reduce by Rs. 20,000 crores (USD 3 billion) while Aircel’s debt will down by Rs. 4,000 (USD 600 million) on closing in 2017.

The merger will create the India’s fourth largest telecom operator regarding customer base and revenues. The merger entity will have the second largest spectrum holding among all the operators with an aggregate bandwidth of 448 MHZ across 850, 900, 1800 and 2100 MHZs bands.

“Together with our partners, MCB, we are delighted to have taken the lead in consolidation of the Indian telecom sector, first, with RCom’s acquisition of the wireless business of SSTL (Sistema/MTS), and now, with the combination of our business with Aircel in a 50-50 joint venture with MCB,” Reliance Group Chairman Anil Ambani said.

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“This deal further reinforces MCB s commitment to India. Since acquiring Aircel in 2006, MCB has invested in excess of Rs 35,000 crore (USD 5.2 billion) into Aircel, making this one of the largest foreign investments into India, not only in the telecom industry but across all sectors,” MCB said.

Competition is intensifying further with the Reliance Jio, a new 4G telecom venture backed by Anil Ambani elder brother and the India’s richest man Mukesh Ambani. It started its operations from this month and expected to shake up the market with its cut-off rates.