RCom’s Anil Ambani held guilty in Ericsson’s contempt case, to be jailed if fails to pay Rs 453 crore

Supreme Court held Reliance Communications (RCom) chairman Anil Ambani in contempt for not paying Ericsson’s dues worth ₹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. The stock tumbled after the decision.

The ₹118 crore already deposited by RCom with the top court will be paid to Ericsson in a week, said the bench led by Justice RF Nariman. Since the amount to be paid has been calculated at ₹571 crore along with interest, the amount due in four weeks is ₹453 crore. The company said it would abide by the ruling. RCom’s operational creditor Ericsson had filed three contempt pleas to press for its dues.