On Wednesday, the Supreme Court is scheduled to announce its verdict on three contempt applications that were filed by Telecom equipment maker Ericsson against Anil Ambani and other, accused of not clearing dues.
On February 13, a bench of Justice Vineet Saran and RF Nariman has received its judgment when Ericsson India had accused the Reliance Group of investing money in the Rafale fighter jets deal, but unable to clear its Rs. 550 crores dues. However, the allegation was vehemently rejected by Anil Ambani-led Reliance Group.
Anil Ambani told the Supreme Court that with the failure of its assets sale deal with Mukesh Ambani (elder brother) led Reliance Jio, his company entered into bankruptcy and is not in controls of funds.
RCom (Reliance Communications) told the top court that they had tried to move “heaven and earth” to clear dues of Ericsson but miserably failed due to failure of assets sale deal with Reliance Jio.
The contempt petition has been registered against Anil Ambani, Reliance Infratel Chairman Chhaya Virani, Reliance Telecom Chairperson Satish Seth, and SBI Chairman as well.
On October 23, 2018, the Supreme Court has asked RCom to clear all the dues by December 15, said that the delayed amount would attract the interest of 12% per annum.
The petition filed by Ericsson has sought, which the top court direct Ambani and the others lenders forum to hand over Rs. 550 crores along with 12 percent interest from sale proceeds, reads the last order.