One of the billionaires of India, Anil Ambani has only one day left to him to resolve $80 million dues or he will have to go to jail. The powerful businessman indebted telecom business had promised to pay the local unit of Ericsson AB about 5.5 billion rupees ($80 million) for past maintenance services.
His company faced difficulty after a court declined to free up tax refunds withheld by lenders. The court gave the judgment that if the 59-year-old is not able to make its payment by the end of Tuesday he will be given a three-month jail term.
According to data assembled by Bloomberg, Ambani’s net worth has shrunk to about $300 million from at least $55 billion in 2008. It has made a stark contrast to the success of his elder brother Mukesh Ambani the richest man of Asia who belongs net worth of $52.9 billion.
An email was sent to Anil Ambani eeking answer that what is he planning to pay the Ericsson dues but his spokesperson did not respond. Regulatory bottlenecks, high debt, and price competition are some reasons which caused the loss of Anil Ambani.
The lawyer of Reliance Communications Ltd claimed that the group firms have no money to settle unless lenders released 2.6 billion rupees of tax refunds — a proposal opposed by the banks. The National Company Law Appellate Tribunal, in a ruling March 15, said it can’t direct banks to release the amount.
The Ambani brothers used to run the company of their father. In 2002, after their father had passed away the conflict sated in between them. But they got settled in 2005 after Anil Ambani got newer businesses such as telecom, power generation, and financial services.
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