Supreme Court Holds Anil Ambani Guilty of Contempt, 3-Month Jail to Follow if Ericsson Not Paid in 4 Weeks
The Supreme Court on Wednesday held industrialist Anil Ambani and Reliance Communication guilty of contempt for breaching undertakings to clear outstanding dues to Ericsson India.
Ambani and directors of the group companies, however, escaped the jail term since the court said that the contempt can be purged by making clear the dues within four weeks, along with an interest.
A bench headed by Justice Rohinton F Nariman ordered Ambani and the RCom companies to pay up Rs 453 crore with interest within four weeks. It added that the contemnors will suffer a jail term of three months and an additional penalty of Rs 1 crore if they fail to make the payment in four weeks.…
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