Reliance Communications moves NCLAT for fund release by banks

Reliance Communications on Monday urged the National Company Law Appellate Tribunal(NCLAT) to direct lenders, led by SBI, to release Rs 260 crore the company got by way of income tax refund, in favour of Ericsson India.

The Supreme Court on February 20 held RCom chairman Anil Ambani and two other directors guilty of contempt for not paying Ericsson India’s dues as per the undertaking given by them.

The court also said that if they failed to pay the due amount of Rs 550 crore within four weeks they will serve a three-month prison term.