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-
- The Supreme Court rejected the unconditional apology as given by Reliance India as the company has clearly breached the contract with Ericsson.
- 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.
- 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.
- 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.