Anil Ambani thanks brother Mukesh for 'timely support' in clearing RCom dues

Anil Ambani thanks brother Mukesh for 'timely support' in clearing RCom dues

"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements almost 15 months ago.", RCom said in a regulatory filing. Under the deal, Ericsson to manage services of wireline and wireless network for RCom covering more than 100,000 km of fiber and mobile infrastructure in 11 telecom circles, across North and West of India including Delhi and Mumbai.

Faced with the prospect of spending four weeks in jail, Anil Ambani's Reliance Communications has paid Rs 453 crore to Swedish telecom equipment maker Ericsson, reported news agency Reuters quoting a spokesperson. They had engaged in a bitter public battle after their father, Dhirubhai Ambani, died without leaving a will in 2002.

Anil Ambani's Reliance Communications owes a total Rs. 571 crore to Ericsson, including a one-time settlement of Rs. 550 crore and interest payments of Rs. 21 crore.


"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements almost 15 months ago...", RCom said.

At the start of the year Ericsson requested RCom Chairman Anil Ambani be locked up unless his company settles its debts but a couple of months later it still hadn't coughed up.

Other factors behind termination of agreements included the decision taken by the Rcom Board on February 1, 2019 to seek fast track resolution of its overall debt through the National Company Law Tribunal, and order passed by the NCLAT on February 4, 2019 restraining the sale, transfer or alienation of any movable or immovable property of RCOM, RTL and RITL (RCom Group companies).


In February, the Supreme Court found Anil Ambani guilty of contempt of court for willfully failing to pay Ericsson.

The payment comes a day before the deadline set by the Supreme Court expires on Tuesday.

Rcom has paid Ericsson almost Rs 580 crore including penalty interests, thereby ensuring the telco's chairman Anil Ambani does not go to jail. Banks had opposed release of the tax refunds. It extracted a personal guarantee from Ambani to pay the dues.


RCom scrip closed at Rs 4 a share on the BSE Monday, 9.30 per cent lower than the previous close.

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