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Reliance Communications Ltd (RCom) after hearing the Supreme Court’s verdict of Ericsson India case, is seeking its lenders’ urgent approval for the release of about Rs 260 crore lying in its bank account to directly transfer it to the Swedish telecom equipment manufacturer.
A few days earlier, the Supreme Court in its judgement held RCom chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crores to the telecom gear maker Ericsson. The court also said the trio can face a jail term up to three months if the company fails to pay Rs. 453 crores within four weeks.
An RCom spokesperson in a statement said, “Reliance Communications group has requested urgent approval from its lenders to release approximately Rs 260 crore received from Income Tax refunds, lying in its bank account, directly to Ericsson.” The statement also added a sum of Rs 118 crore has already been deposited with the apex court.
The spokesperson also added, “RCom is confident of raising the balance, approximately Rs 200 crore, for payment to Ericsson, in order to ensure that the entire Rs 550 crore, plus interest thereon, stands paid to Ericsson, well within the time of four weeks allowed by the Hon’ble Supreme Court.”
