 "Ericsson files contempt petition in SC against RCom, seeks Anil Ambani's arrest over failure to clear Rs 550 cr debt")
Ericsson, the Swedish telecommunications equipment manufacturer, has filed its second contempt petition in the Supreme Court against Anil Ambani and his firm, Reliance Communications (RCom) for failing to clear a debt of Rs 550 crore.
In its petition, Ericsson has reportedly requested the government to prevent Ambani from overseas travel and be held in a civil prison until the dues are paid, a report in The Economic Times said.
Ericsson India Pvt Ltd, which had signed a seven-year deal in 2014 to operate and manage RCom’s nationwide telecom network, has alleged that it had not been paid the dues.
The Supreme Court had ordered RCom to pay Ericsson Rs 550 crore by 15 December, the report said. On 30 May, the NCLAT had stayed bankruptcy proceedings against RCom after the firm had agreed to pay Rs 550 crore to Ericsson to settle the payment dispute.
“We are of the view that this timeline shall be strictly adhered to and payment of Rs 550 crores be made on or before 30 September, 2018,” the apex court said in its order.
On 15 May, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted Ericsson’s plea for beginning of insolvency proceedings against RCom.
Ericsson India had moved the NCLT to recover its dues by auctioning RCom. RCom lenders had opposed the NCLT order.
Ambani missed the 30 September deadline set up by the court, the ET report said. This was when Ericsson filed the contempt petition against RCom and Anil Ambani. However, the Supreme Court extended the deadline for repayment on 15 December on a personal guarantee from Ambani.
RCom has been facing delays with its asset sale deal with Reliance Jio Infocomm. Last year, Reliance Communications had signed a pact with Reliance Jio for sale of wireless spectrum, tower, fibre and MCN assets - the proceeds of which were to be used to pare debt. The delay in spectrum sale has led to RCom not meeting with the deadline. This has resulted in Ericsson filing the second contempt petition in the Supreme Court, the report said.
The Supreme Court is scheduled to hear both the petitions on Monday. Shares of RCom gained 3.7 percent to Rs 14 at close on the BSE on Friday.
With PTI inputs
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