Mukesh bails out Anil Ambani |
Reliance Communications has averted a jail term of three months for its chairman Anil Ambani by paying Swedish telecom equipment maker Ericsson dues of 67.3 million dollars with the help of brother Mukesh Ambani, just a day ahead of expiry of deadline fixed by the apex court. As per Supreme Court`s orders, March 19 was the last day to make the payment, which included penalty interests. The payment has ended the year long legal battle between the two companies. It is not clear though, weather the money was given in the form of loan or a grant to save the family name. The battle between Ericsson and RCom started when the Swedish company moved a bankruptcy court in 2017 alleging that it had not been paid dues of around 218.6 million dollars after signing a seven-year deal in 2013 to operate and manage the telcos nationwide network. The apex court, in February, had held Ambani in contempt for not paying Ericsson`s dues despite having the money to do so.
|
|
|
|