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Supreme Court Finds Anil Ambani Guilty Of Contempt In Ericsson Case

The court asked billionaire Ambani and two directors of RCom to pay Rs 4.5 billion to Ericsson within four weeks

Photo Credit : Reuters

1496640282_bj5CbO_anil-ambani-reu.jpg

India's Supreme Court said on Wednesday that Reliance Communications chairman Anil Ambani wilfully did not pay 5.5 billion rupees to Swedish telecom equipment maker Ericsson, holding him guilty in a contempt of court case.

The court asked billionaire Ambani and two directors of RCom to pay 4.5 billion rupees to Ericsson within four weeks. They will face a jail term of three months if they fail to pay the amount, the court said.

The Swedish company signed a deal with RCom in 2014 to manage and operate its network and last year approached the court over unpaid dues of 5.5 billion rupees.

Reliance Communications said the company respects the court judgment and the "group shall comply with same."

(Reuters)


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