Anil Ambani Held Guilty In Ericsson Case
By MYBRANDBOOK
Reliance Group chairman Anil Ambani and two directors were held guilty of contempt by the Supreme Court on Wednesday, on a plea filed by Ericsson India over not clearing its dues of Rs 550 crore, would go to jail for three months if they did not pay Rs. 453 crore to Ericsson within four weeks.
The court said Ambani and directors Satish Seth and Chhaya Virani would go to jail for 3 months if they did not pay Rs. 453 crore to Ericsson within four weeks. Further, Ambani, Seth and Virani were present in the courtroom when the verdict was pronounced.
Supreme Court holds Reliance Communication chairman Anil Ambani and two directors guilty of contempt of court on a contempt plea filed by Ericsson India against him over not clearing its dues of Rs 550 crore.
A bench of Justices RF Nariman and Vineet Saran had on 13 February reserved its judgement when Ericsson India had alleged that the Reliance Group has money to invest in the Rafale jet deal but they were unable to clear its Rs 550-crore dues, a charge which was vehemently denied by the Anil Ambani-led company.
Supreme Court says, Anil Ambani & 2 directors have to pay Rs 453 Cr to Ericsson India within 4 weeks & if they fail to pay the amount, three months' jail term will follow. SC also imposed a fine of Rs 1 cr each on them, if not deposited within a month, 1-month jail will be awarded. The bench further said, if the ‘contemnors’ failed to make the payments within the specified period, they will undergo a jail term of three months.
The apex court specified that any unconditional apology given by Reliance needs to be rejected as they have breached the undertaking and order. The bench said the three Reliance companies did not adhere to the 120 days deadline and 60 days extra given by the apex court to pay the Rs. 550 crore to Ericsson.
It said the undertakings given in the court were false to the knowledge of the court and affected the administration of justice.
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