//Ericsson case: Mukesh Ambani bails out RCom, Anil Ambani thanks Mukesh and Nita Ambani

Ericsson case: Mukesh Ambani bails out RCom, Anil Ambani thanks Mukesh and Nita Ambani

“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,” a RCOM spokesperson stated.

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BusinessToday.In   New Delhi     Last Updated: March 18, 2019  | 22:39 IST

Anil Ambani thanked his elder brother and Reliance Industries Chairman Mukesh Ambani for “timely support” as Reliance Communications announced that it has made the payment of Rs 550 crore to Ericsson.

“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 grateful and touched with this gesture,” Anil Ambani said.

“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,” a RCOM spokesperson stated.

RCom had already deposited Rs 118 crore with the Supreme Court, followed up by another Rs 3 crore as penalty interest. On Monday, it paid up the balance Rs 458.77 crore to the Ericsson.

“Ericsson has received the payment along with upto date interest and it will accordingly be withdrawing the petitions filed for insolvency,” said senior advocate Anil Kher who has been representing Ericsson quoted as saying.

Last month, the Supreme Court had held Ambani in contempt for not following its order to pay back Rs 550 crore to Ericsson for its services to now-defunct Reliance Communications. The top court had ordered him to pay up within four weeks. That timeline ends tomorrow on Tuesday. By Supreme Courts order, failure to pay back Ericsson within the stipulated will land Ambani in jail for three months. Faced with prison time, Anil Ambani had promised to pay back, but things have not gone his way over the past few weeks.

Edited by Chitranjan Kumar

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