Refuse to believe RCom will let Anil Ambani go to jail, says SBI

State Bank of India, the main lender to debt laden Reliance Communications (RCom), told an appellate tribunal Wednesday that it “refused to believe” that the telco will let its chairman Anil Ambani go to jail contempt of court, and will ultimately pay Ericsson by the March 19 deadline, even without the income tax refunds.

Arguing for SBI in the National Company Law Appellate Tribunal (NCLAT), senior counsel NK Kaul reiterated that RCom had no right to have its dues paid by the Rs260 crore “public money” held in the trust and retention account and argued that the 118 crores for payments to Ericsson had already come from related companies and other sources.

RCom needs to pay Ericsson Rs 453 crore – out of its Rs 571 crore dues – by March 19, else its chairman Anil Ambani will go to jail for three months. RCom has already paid Rs 118 crore.