The Supreme Court today held Reliance Group chairman Anil Ambani and its two directors guilty of contempt for willfully not paying Rs 550 crore to Ericsson. Swedish telecom equipment maker Ericsson had filed three contempt plea in the Supreme Court for not clearing its dues. Ambani and directors of the group companies, however, escaped the jail term since the court said that the contempt can be purged by making clear the dues within four weeks, along with an interest. The court said the amount should be paid within a month. In case the firm defaults on this, Anil Ambani will face imprisonment of three months. The insolvency proceedings against the company will now go ahead.
The Supreme Court today held Reliance Group chairman Anil Ambani and its two directors guilty of contempt for willfully not paying Rs 550 crore to Ericsson. Swedish telecom equipment maker Ericsson had filed three contempt plea in the Supreme Court for not clearing its dues. Ambani and directors of the group companies, however, escaped the jail term since the court said that the contempt can be purged by making clear the dues within four weeks, along with an interest. The court said the amount should be paid within a month. In case the firm defaults on this, Anil Ambani will face imprisonment of three months. The insolvency proceedings against the company will now go ahead.
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