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From Rafael deal to Reliance Communication dues, it has been a tough time of industrialist Mr. Anil Ambani. He has been in media and lime light for the past several months on the controversial Rafael deal. The SC on Monday, 7th Jan 2019 issued a notice to Mr. Ambani, Satish Seth - ChairmanReliance Telecom Ltd and Chhaya Virani - Chairperson of Reliance InfraLtd to clear he dues on Reliance Communication.
This started when Ericson and Reliance Communication signed a deal in year 2014 that Ericsson will operate and manage nationwide Reliance Com’s telecom network. Ericson alleged that Reliance Communication had not paid dues over Rs. 1500 crores. Ericson moved to NCLT for alleging that Reliance Com’s had not paid its debt of Rs 1500 crores and alleged Reliance Communication as a debt-ridden company. However Ericsson offered to settle its dispute for an amount of Rs 550 crores against the due amount of Rs 1500 crores.
On 3rd August 2018 when Ericson fied a plea in SC, the court ordered Reliance to pay the debt of Rs 550 crore by sale proceeds of the assets. The court gave deadline of 30th September 2018 to reliance to clear this due amount else it would have to also pay interest @ 12% p.a. However no action was taken by the Reliance.
A contempt petition was filed by Ericson against Reliance on 23 October 2018 as Ericson did not comply with the Apex court’s 3rd August order. Ultimatum till 15th December 2018 was given to Reliance to pay its due along with interest due,
On 7th Jan 2018 when Adv. Kapil Sibbal&Adv.MukulRohatgi appeared on behalf of the Reliance and agreed to pay Rs 180 crores to establish it’s bona-fide intention. However Adv. Dushyant Dave appearing on behalf of Ericson denied such proposal and contested that Reliance to be aid the complete amount of Rs 550 crores. The petitioner also contested that Mr Ambani and others to be kept in civil prison until their dues are paid. The court further ordered Reliance Communication to pay their debts and file a reply within 4 weeks, and also directed Ministry of Home Affairs to make sure that Mr Ambani and others don’t leave the country.
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