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Supreme Court asks Anil Ambani to Pay Rs 450 Crore or go to Jail

The Supreme Court on Wednesday held Reliance Communication chairman Anil Ambani and two directors guilty of contempt of court on a plea filed by Telecom equipment manufacturer Ericsson India against him over not clearing its dues of Rs 550 crore.

The apex court has ruled that Ambani and two directors have to pay Rs 453 crore to Ericsson India within four weeks and failing to do so, three months’ jail term will follow.

The SC has also imposed a fine of Rs 1 crore each on them. If that’s not deposited within a month, 1-month jail will be awarded.

The other two directors are Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani.

The court directed that Rs 118 crore already deposited by Reliance Group in the apex court’s registry be disbursed to Ericsson. “From the undertakings given by Reliance Group’s top brass, it appears they have wilfully not paid the amount to Ericsson despite orders,” it said.

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