Ericsson case: Clear dues of Rs 453 crore or face 3-month jail, SC tells Anil Ambani

In a major blow to Reliance Communications chairman Anil Ambani, the Supreme Court on Wednesday held him and two other directors guilty in a contempt of court petition filed by telecom equipment maker Ericsson India over not clearing its dues.

Coming down heavily on Ambani and his firms, a bench led by Justice RF Nariman said Ambani and the other two directors have to pay Rs 453 crore to Ericsson India within four weeks, failing which they will have to serve a three-month prison term. The court also imposed a fine of Rs 1 crore on each of them and if the amount is not deposited within a month, then an additional one-month prison term will be awarded.

The other two directors are Satish Seth, chairman of Reliance Telecom, a wholly-owned subsidiary of RCom and Chhaya Virani, chairperson of Reliance Infratel.