Pay The Dues Or Go To Jail: Supreme Court To Anil Ambani:- Reliance Communications (RCom) Chairman Anil Ambani received a huge shock from the Supreme Court of India after it asked to repay Rs 550 crores to Ericsson, Swedish Telecom firm. A bench led by RF Nariman and Vineet Saran asked Anil Ambani to pay Rs 453 crores in four weeks and if he fails to do this, he will have to face jail terms for three months. Rs 118 crores have already been deposited by the contemnors with the SC Registry.
The court also asked the three Reliance companies to pay fine of Rs 1 crore each failing which Anil Ambani and the two other Directors will have to undergo jail term of one month each. Ericsson recently approached Supreme Court seeking contempt against Anil Ambani for not honoring them to pay Rs 550 crores. Though RCom defended that the amount will be paid after the sale of the assets, Supreme Court imposed a strict deadline to pay back the debts.
Supreme Court clarified that any unconditional apology in the future from RCom will not be accepted. Ericsson had argued that RCom had money to invest in Rafale jet deal but it did not clear the dues for them.