RCom requests “urgent approval” from lenders to release Rs 260 crore for payment of Ericsson dues

A day after Supreme Court verdict asking Reliance Communications to submit Rs 453 crore in four weeks, the Anil Ambani-led company has requested “urgent approval” from lenders to release Rs 260 crore of Income Tax refund directly to telecom equipment maker Ericsson.

The company said it is confident of raising balance Rs 200 crore within four weeks to pay back dues to Ericsson as per the apex court order.

The Supreme Court yesterday held Reliance Communications (RCom) chairman Anil Ambani in contempt for not paying Ericsson’s dues worth Rs 550 crore despite having the money to do so, threatening to send the businessman to jail for three months if he didn’t cough up what was owed in four weeks.