Following apex courts order, Anil Ambani, founder of R Com, has urged lenders to unchain INR 260 crore of IT refund to Ericson. The apex court has ordered Reliance Communications to pay out INR 453 crore in four weeks.
The telecommunication company apprises that it is confident of raising balance INR 200 crore within four weeks to pay back dues to Ericsson as per the apex court order, as reported by ET news.
Yesterday, the apex court rebuked RComs chairman, Anil Ambani for not disbursing money in spite of having monetary wealth and further, warned that the chairman can land in jail if the company failed to pay the money in a four-week period. As per the courts order, the company has to disburse INR 453 crore besides INR 118 crore that the telecommunication company has already disbursed. Furthermore, all the three companiesRcom, Reliance Infratel and Reliance Telecom have penalized INR 1 crore apiece.
In the court hearings, the bench observed that RComs covenant to Ericsson was unconditional and opposes to telecommunication companys claims, as well as unlinks to the disposal of assets to Reliance Jio, led by Mukesh Ambani or any other business entity.
Further, the apex court observed the telecommunication company has monetary assets to disburse payment though it is not choosing to do so. Thus, the court has given RCom and other associated organizations an additional chance to purge themselves of contempt by paying the settlement amount plus interest. If they dont do so, Anil Ambani and the chairmen of RCom units Reliance Infratel and Reliance Telecom Chhaya Virani and Satish Seth will be jailed for three months, the court said (as sourced in ET news.)
In elaboration, the judicial bench said that the RCom companies had, after giving an unconditional undertaking to the National Company Law Tribunal (NCLT), made a conditional one in the top court and taken advantage of proceedings in the latter to avoid insolvency without paying the amount due. The court said the company hadnt intended to pay, as reported by ET news.