R-Com chairman Anil Ambani
R-Com chairman Anil Ambani

RCom seeks lenders' approval to release Rs 260 crore directly to Ericsson

ANI | Updated: Feb 21, 2019 15:57 IST

New Delhi [India], Feb 21 (ANI): Debt-ridden Reliance Communications (R-Com) on Thursday sought an urgent approval from its lenders to allow release of Rs 260 crore directly to telecom equipment maker Ericsson, a day after the Supreme Court threatened to send its chairman Anil Ambani to jail if he did not pay the dues within a month.
R-Com said that it had received the sum as income tax refunds and is lying in its bank account. A sum of Rs 118 crore has already been deposited with the Supreme Court, it said in a statement.
"R-Com is confident of raising the balance approximately Rs 200 crore for the payment to Ericsson, in order that the entire Rs 550 crore plus interest thereon stands paid to Ericsson well within the time of four weeks allowed by the Hon'ble Supreme Court," the company said.
The Supreme Court on Wednesday found Anil Ambani, the Chairman of beleaguered R-Com, guilty of contempt of court for willfully failing to pay Ericsson's dues worth Rs 550 crore despite having the money to do so.
The apex court threatened to send the controversial businessman to jail for three months if he did not pay up what was owed in four weeks. The apex court had said the R-Com chairman and others will have to purge the contempt by paying Rs 453 crore to Ericsson in four weeks.
Since the amount to be paid has been calculated at Rs 571 crore along with interest, the amount due in four weeks is Rs 453 crore. (ANI)

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