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Ericsson knocks SC door not to allow Anil Ambani go out of India

Swedish telecom equipment company Ericsson was to get the payment from  the business transactions it had done with the embattled Anil Ambani group that has debt running up to Rs 45,000 crore.

Ericsson had earlier agreed to scale down its dues towards Ambani’s group from Rs 1,600 crore to Rs 550 crore as part of a court-monitored settlement which promised the payment by September 30 this year. However, since the payment did not come from RCom, it has decided to approach the top court on the matter once again. 

Then  Ericsson has petitioned the Supreme Court to prevent Anil Ambani and two senior executives from his group from leaving the country after accusing them of will-fully defaulting in previously- promised payment of Rs 550 crore + by alleged abuse of process of law.

“Reliance   have no respect for the law of the nation, and have abused the process of law,” Ericsson said, requesting the court to initiate contempt proceedings against the Reliance   company and its management, while preventing them from leaving the country. “… prevent any of these persons from leaving the country without the specific permission of this court… these directions are necessary to secure the ends of justice.” Ericsson said 

Anil Ambani had managed to strike a deal with elder brother Mukesh Ambani’s Reliance Jio with expected inflows of up to Rs 25,000 crore by sale of assets such as spectrum, tower, and fibre. 

However, the deal has faced trouble at the telecom ministry which is seeking bank guarantees worth Rs 2,900 crore from the company over spectrum usage charges before allowing it. 

In a statement to the stock exchange, Anil’s Reliance Communications (RCom) termed Ericsson’s latest petition as “unwarranted” and said it has sought an extension of 60 days to make the payment. This, it said, was warranted since it has decided to challenge the telecom ministry’s demand of bank guarantees. 

It is important to note opposition alleged Rafalescam pointing fingers directly  the Prime Minister Modi  where Anil Ambani’s Reliance  been bought as a partner to the Government to Government deal trespassing  Indian agency HAL

Splco Webdesk
Input feed by news sharing arrangement with Syndicate News Agencies by disclosing names viz., Reuters, PTI, ANI, etc.,

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