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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Reliance Communications    RCOM   INE330H01018

RELIANCE COMMUNICATIONS

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Reliance Communications : SC to hear contempt plea against Anil Ambani on tomorrow, asks him to be present

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02/12/2019 | 06:59am EDT

New Delhi [India], Feb 12 (ANI): The Supreme Court on Tuesday adjourned the hearing of contempt plea filed against Reliance Communication (RCom) chairman Anil Ambani by Ericsson India over not clearing dues to the tune of Rs 550 crore after selling its assets to Reliance Jio, and asked Ambani to appear before it again on Wednesday.

A bench of Justices R F Nariman and Vineet Sharan after hearing the arguments for a few minutes in the case said that it would hear it on Wednesday and asked Ambani to be present in the court on Wednesday.

During the brief hearing, senior advocates Kapil Sibal and Mukul Rohatgi, who appeared for Ambani, asked that no contempt of court is made out against Ambani.

Senior advocate Dushyant Dave said that the breach of undertakings has taken and hence contempt is made out.

He accused Ambani of serious perjury and alleged that Ambani and company had hidden two sale amounts of RS 2,000 crore and Rs 3,000 crore from the court.

Anil Ambani-led RCom had earlier agreed to deposit Rs 118 crore, but Ericsson refused to accept. The top court then asked the RCom chief to deposit the amount in its registry.

Ericsson had also sought directions to the Union Home Ministry to prevent Ambani, Reliance Telecom Ltd Chairman Satish Seth, and Reliance Infratel Ltd Chairperson Chhaya Virani from leaving the country.

On October 23 last year, the top court had asked RCom to clear the dues by December 15, 2018, saying that delayed payment would attract the interest of 12 per cent per annum.

In 2014, Ericsson India had signed a seven-year deal to operate and manage RCom's nationwide telecom network. Ericsson India had alleged that RCom had not been paid dues of over 1,500 crore. It challenged the debt-ridden firm before the National Company Law Appellate Tribunal (NCLAT).

Perusing the NCLAT's order, the apex court had noted that Ericsson India was willing to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore, and it has to be paid by RCom within 120 days. (ANI)

(c) 2019 aninews.in All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
ERICSSON AB 0.97% 95.4 Delayed Quote.21.25%
RELIANCE COMMUNICATIONS -4.55% 2.1 End-of-day quote.-84.72%
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Managers
NameTitle
William L. Barney Co-Chief Executive Officer
Anil Dhirubhai Ambani Chairman
Venkataramani Manikantan Chief Financial Officer & Director
Deepak Haridev Shourie Lead Independent Director
Jayaraman Ramachandran Independent Director
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