RCom pays Rs 550 cr to Ericsson, clears debt; Anil Ambani thanks Mukesh and Nita Ambani for 'timely support'
Reliance Communications chairman Anil Ambani has paid Rs 550 crore of dues and interest thereon to Swedish telecom equipment maker Ericsson with timely help from elder brother Mukesh Ambani, chairman of Reliance Industries
RCom chairman Anil Ambani has paid Rs 550 crore of dues and interest thereon to Swedish telecom equipment maker Ericsson with timely help from elder brother Mukesh Ambani
RCom chief Anil thanked his brother Mukesh and Nita Ambani, saying he was deeply touched by their gesture
The Supreme Court had ordered Anil Ambani and two RCom directors to pay Ericsson the due amount before 19 March or face a three-month jail term
Reliance Communications chairman Anil Ambani has paid Rs 550 crore of dues and interest thereon to Swedish telecom equipment maker Ericsson with timely help from elder brother Mukesh Ambani, chairman of Reliance Industries.
The Supreme Court had set a deadline of 19 March for Anil to pay the dues or face jail time.
In a statement issued on Monday evening, RCom chief Anil thanked his brother Mukesh and Nita Ambani, saying he was deeply touched by their gesture. He also thanked them for standing by him in these trying times.
Late last month, the apex court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for 'wilfully' failing to pay the Swedish telecom equipment maker. The court had ordered Ambani and two RCom directors to pay Ericsson the due amount within four weeks or face a three-month jail term for contempt of court.
An RCom spokesperson stated:
The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Supreme Court.
Anil D Ambani, chairman, RCOM, said, “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture.”
In 2005, Mukesh and Anil fell out three years after the death of Dhirubhai Ambani, their father and founder of Reliance Industries and split up the business with Mukesh retaining all legacy businesses and Anil taking telecom.
Anil's Reliance Telecommunications encountered problems after a few years and ran aground about three years ago. Meanwhile, Mukesh Ambani launched his digital business through Jio in 2016 and quickly climbed the charts to corner 70 percent of the mobile data market share.
Although the acrimony of the first decade of the millennium eased up quite a bit during the last few years when both brothers were seen together at important family functions, this gesture of Mukesh stepping in to help his younger brother can be seen, as Anil has pointed out, as the burying of an unpleasant past.
With inputs from agencies
Disclaimer: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost
The apex court is hearing arguments on a batch of petitions challenging the Karnataka High Court verdict refusing to lift the ban on hijab in educational institutions of the state that have prescribed uniforms
The plea contended that non-availability of drugs at the Anti Retro Viral Therapy Centres of the National AIDS Control Organisation results in hampering ARV treatment of the people living with HIV/AIDS
All women entitled to safe, legal abortion; rape includes marital rape for purpose of MTP Act: Supreme Court
The Supreme Court said the distinction between married and unmarried women under the abortion laws is artificial and constitutionally unsustainable and perpetuates the stereotype that only married woman are sexually active