Reliance Group Chairman Anil Ambani held guilty by the Supreme Court with two other directors Satish Seth, chairman of Reliance Telecom and Chhaya Virani, the chairperson of Reliance Infratel. Ericsson India filed the plea against Anil over not clearing the dues of Rs 550 crore.
“Anil Ambani and 2 other directors have to pay an amount of Rs 453 crore to Ericsson India within 4 weeks. If they fail to pay the amount they tend to invite a three-month jail term,” stated the Supreme Court in its judgement. The court also imposed a fine of Rs 1 crore each on them. One-month jail will be awarded if the fine imposed is not deposited within 1 month.
Mukul Rohatgi, RCom’s advocate, reacted upon this: "I respect the decision of the Supreme Court. I am confident that the group will honour the directions on payment of dues to Ericsson.”
Anil Ambani is now into action to raise money to pay off his group companies’ debt.