Anil Ambani: Supreme Court issues notice to Anil Ambani, RCom on Ericsson Contempt plea

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Tech desk| Supreme Court issues notice to Anil Ambani on Monday. This notice has been given on Ericsson's application. Ericsson had applied for contempt of the Supreme Court order not to give Rs 550 crores. The company says that even after selling the assets to Reliance Jio, RCom did not give them Rs 550 crore.

According to Mint, RF Nariman's Bench also directed RCom to deposit Rs 118 crores. The court asked RCom and Jio to sit together and resolve their issues. After this news, RCom's stock saw a decline of about 0.75 per cent. The stock was traded at 12.43 pm at 13.9 rupees.

Reliance Communications, a debt-ridden company, accused the lenders company Ericsson on Sunday for blaming the issue of arrears on the issue of money laundering through media. Ericsson's outstanding balance of Reliance Communications is Rs 550 crores. Ericsson does not have any outstanding financial transactions on Reliance Communications, but it is linked to loan and no bail has been given for it.

Reliance Communications said that it is committed to repay the company's debt, but making the issue sensational in such a way would also create a risk for financial institutions who have secured borrower. Reliance Communications has said that it is committed to filling Ericsson's dues with the amount received from selling the spectrum.

However, government approval has not been received to sell spectrum to Reliance Communications. Reliance Communications spokesperson said in a statement, "It is very unfortunate that Ericsson India Pvt Ltd, a non-lending company lending company, is carrying media trial (accusations through media) and is trying to make the issue sensational ."

Ericsson India once again approached the Supreme Court on Friday for outstanding recovery from Reliance Communications. Ericsson has demanded Reliance Communications Chairman Anil Ambani and two others to be sent to jail till recovery of their dues. Debt over Rs 47 thousand crore is outstanding on Reliance Communication.

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