Brother Mukesh Ambani steps in to spare Anil jail stay

Anil Ambani

Anil Ambani's Reliance Com pays Rs 460 crore to Ericsson as per the Supreme Court order.

Reliance Communications could not be reached for comment.

"My honest and heartfelt thanks to my respected elder brother, Mukesh and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support".

In a verdict that had come as a setback to Ambani, the court on February 20 had pulled up the industrialist for his "cavalier attitude" demonstrated through the affidavit filed in the court and said any "unconditional apology" given must be rejected.

The two brothers had fought a bitter public battle after his father Dhirubhai died without leaving a will.

Almost 15 months after Anil Ambani agreed to sell assets of Reliance Communications to a telecom firm run by elder brother Mukesh, the two groups Monday called off the deal citing delays in approval from the government and lenders.

The deal involved Reliance Communications selling its telecom towers, spectrum, optic fibre network and media convergence nodes to Reliance Jio, a unit of Mukesh Ambani-led Reliance Industries Ltd, for an unspecified amount. Once India's second-biggest phone carrier, RCom shut down its mobile business late in 2017.

The SC had ordered Anil Ambani and 2 directors to pay Rs 453 crore to Ericsson India within 4 weeks or face three months in jail.

The court had found RCom's chairman guilty of contempt of court for failing to pay the Swedish company.

RCom owes a total ₹5.71 billion to Ericsson, including a one-time settlement of ₹5.5 billion and interest payments of ₹210 million.

But RCom said the airwaves deal had been called off by "mutual consent" due to objections from India's telecom department and more than 40 of the company's foreign and domestic lenders.

The dispute with Ericsson started when the Swedish firm sought to recoup 16 billion rupees from Reliance Communications. RCom had already deposited 1.18 billion rupees due to Ericsson with the Supreme Court in February.

An Ericsson spokesperson confirmed that the telecom gear maker had received the full payment from the Reliance Communications (Rs 458.7 crore) on Monday and Rs 118 crore previously.

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