India's RCom pays Ericsson, says asset deal with Jio falls through

Anil Ambani's Reliance Com pays Rs 460 crore to Ericsson, day before deadline

The SC bench, comprising Justices R F Nariman and Vineet Saran, said the three Reliance companies failed to adhere to the 120 days deadline and 60 days extra given by the apex court to pay the required amount to Ericsson. The threat of jail time seems to have changed its mind.

Mumbai: Reliance Communications Chairman Anil Ambani has around a day to piece together United States dollars 80 million of USD 55 billion to settle long-pending levy with a vendor or go to jail.

A representative for the Anil Ambani didn't react to an e-mail asking for comments on ways to pay the Ericsson dues. We've all felt that from time to time and, if we're honest, sometimes it's only the law that keeps us honest.

Mukesh Ambani, chairman of Reliance Industries Ltd, has provided around Rs 450-crore bailout to younger brother Anil Ambani, potentially saving the chairman of the debt-laden telecom firm Reliance Communications Ltd (RCom) from a jail term in a case involving a payout to Swedish company Ericsson.

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The Swedish firm signed a deal in 2014 to manage and operate RCom's network and past year approached the court over the unpaid dues. RCom had already deposited 1.18 billion rupees due to Ericsson with the Supreme Court in February. The repeated failure to comply and Ambani's personal guarantee landed him in trouble last month, with the Supreme Court holding him in contempt.

On May 29, RCom offers an upfront payment of Rs 550 crore to Ericsson, as a settlement, on condition that Ericsson withdraws the insolvency application. The last date of making the payment was March 19.

Billionaire businessman Anil Ambani on Monday thanked his brother Mukesh Ambani and his wife Nita Ambani for extending "timely support" after his firm Reliance Communication - which is facing massive debt - managed to successfully clear all payments due to Ericsson less than 24 hours before the expiry of Supreme Court's deadline.

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