What is the contempt case against Anil Ambani’s Reliance Communications?

What is the contempt case against Anil Ambani’s Reliance Communications?

The amount should be paid within a month, the court said.

The order laid down a deadline of four weeks to make a payment of ₹4.53 billion, failing which Anil Ambani along with his fellow directors, Reliance Telecom chairman Satish Seth and Reliance Infratel chairman Chhaya Virani, may face a jail term of upto three months.

The undertaking that was given was false to the knowledge of the court and apart from affecting the administration of justice, it is also a breach of undertaking given to the Supreme Court.

Ambani was present in court for the order.

At that point, the Swedish firm appeared to have second thoughts: In May 2018, RCom put out a statement that noted it was in "advanced talks" with Ericsson to settle the unpaid dues matter which would save it from entering bankruptcy proceedings. If not, the chairpersons of these companies will have to undergo additional jail term of one month.

Rohtagi also denied allegations of RCom having received ₹5,000 crore from Jio and told the court that only ₹780 crore has been received, an amount that was used by lender banks. Coming down heavily on the business tycoon, the top court said that, "unconditional apology by Reliance can not be accepted given the attitude of the deponent to the highest court of the land".

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Ericsson in February had filed a contempt of court petition against SBI chairman in the SC for not fulfilling its assurance of settling RCom's dues to the telecom equipment maker as the lead banker. After RCom, which has a debt of more than Rs 47,000 crore, failed to pay Ericsson, it moved an insolvency petition in the National Company Law Tribunal (NCLT).

To say that Reliance did not take advantage is fully incorrect, the apex court ruled. In October, the court granted Reliance Communications time till December 15 to repay the money after the company sought a 60-day extension.

Shares of Reliance Group companies fell sharply after the Supreme Court's verdict.

Additionally, a fine of Rs 1 crore was imposed on each of the companies, who have to deposit the same with the Supreme Court Registry.

The dispute stemmed from an agreement between Ericsson and RCom in January 2013 whereby Ericsson agreed to provide RCom managed services like operation, maintenance, and management of RCom's network.

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