Indian Supreme Court Rules Against Anil Ambani In Ericsson India Case

(RTTNews) - Indian Supreme Court on Wednesday ruled in favor of Swedish telecom equipment maker Ericsson in its case against industrialist Anil Ambani's company for not clearing dues.

The top court held Reliance Communication or RCom chairman Anil Ambani and two directors guilty of contempt, and asked to pay Rs 453 crore to Ericsson India within four weeks. If they fail to pay the amount, three-month jail term will follow.

In 2014, Ericsson India had signed a seven-year deal with RCom to manage and operate its network. Ericsson last year went to the Supreme Court against RCom over unpaid dues of Rs. 550 crore.

The other two directors are Reliance Telecom chairman Satish Seth and Reliance chairperson Chhaya Virani.

The court also fined Ambani and two directors Rs. 1 crore each.

The Court ruled to hand over the Rs. 180 crore already deposited by Reliance Group in the court registry to Ericsson. Any unconditional apology given by Reliance needs to be rejected as they had breached the undertaking and order, the court added.