RCom deposits Rs 131 crore as part payment to Ericsson after Supreme Court issues contempt notice to Anil Ambani

Reliance Communications Monday stated it has deposited Rs 131 crore with the Supreme Court docket registry as half fee of the full dues of Rs 550 crore that the corporate owes to Swedish telecom gear maker Ericsson.

The event comes after the apex courtroom’s course asking RCom to make half fee in response to contempt of courtroom petition filed by Ericsson in opposition to Anil Ambani and two others.

“RCom has deposited a partial fee of Rs 131 crore to Ericsson with the Supreme Court docket registry, from the operational funds obtainable with the corporate,” RCom spokesperson stated in a press release.

The Supreme Court docket Monday issued a discover to Reliance Communication Ltd (RCom) Chairman Anil Dhirubhai Ambani and others on a plea filed by Ericsson India Pvt Ltd for allegedly not clearing its dues of Rs 550 crore after promoting its property to Reliance Jio.

A bench of Justices R F Nariman and Vineet Sharan sought a response from Ambani and others in 4 weeks.

Showing for RCom, senior advocates Kapil Sibal and Mukul Rohatgi urged the bench to simply accept Rs 118 crore in the direction of the dues to ascertain its bonafide.

Senior advocate Dushyant Dave, showing for Swedish telecom tools maker Ericsson, stated they might not settle for Rs 118 crore being given by RCom and wish their complete Rs 550 crore with curiosity.

Representational picture. Reuters

Dave stated it’s a case of gross contempt and even after RCom obtained Rs 3,000 crore after promoting its property it has not complied with apex courtroom’s order to pay the excellent quantity to Ericsson.

Sibal stated RCom is giving two demand drafts of Rs 118 crore simply to ascertain its bonafide and would pay the remaining excellent quantity sooner or later.

“This may not lead you (RCom) wherever. You need to deposit all the quantity. Nonetheless, you’ll be able to deposit the 2 demand drafts amounting to Rs 118 crore within the apex courtroom registry,” the bench stated whereas posting the matter for additional listening to after 5 weeks.

Moreover searching for contempt proceedings in opposition to RCom chairman and two others, Ericsson had additionally sought that they be “detained in civil jail” except they purge themselves by making the fee.

It had additionally sought instructions to the Ministry of Dwelling Affairs to stop Ambani, Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani from leaving the nation.

The apex courtroom had on 23 October final yr requested RCom to clear the dues by 15 December, 2018 saying delayed fee would appeal to an curiosity of 12 per cent every year.

The plea had sought that the courtroom direct Ambani and the lenders discussion board at hand over the Rs 550 crore with curiosity from sale proceeds as per the October 23, final yr order.

The apex courtroom had on 23 October, 2018 had given one final alternative to RCom for clearing the settlement quantity.

It had stated Ericsson can revive its contempt plea in opposition to Reliance if the quantity will not be paid by December 15, 2018.

In its first contempt plea, Ericsson had sought motion in opposition to Ambani and others for failing to pay Rs 550 crore in the direction of settlement to the corporate by September-end final yr.

The corporate had alleged that RCom has “wilfully and consciously” defied the order dated August 3, 2018 of the highest courtroom and the enterprise given earlier than it to pay up by September-end final yr.

Ericsson India, which had signed a seven-year deal in 2014 to function and handle RCom’s nationwide telecom community, had alleged that it had not been paid the dues of over 1,500 crore and challenged the debt-ridden agency earlier than Nationwide Firm Legislation Appellate Tribunal (NCLAT).

The highest courtroom had perused the 30 Might final yr interim order of the NCLAT and famous that Ericsson India was prepared to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore which was to be paid by RCom inside 120 days.

It had on August Three final yr allowed RCom to promote property masking spectrum, fibre, telecom towers and sure actual property property for an combination worth of roughly Rs 25,000 crore.

With PTI inputs 

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