Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks
5 years, 10 months ago

Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks

Firstpost  

The RCom chairman and others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks, the Supreme Court said. The Supreme Court on Wednesday held Reliance Communication chairman Anil Dhirubhai Ambani and others guilty of contempt in a plea filed by Ericsson India over not clearing its dues of Rs 550 crore. The Supreme Court said that Anil Ambani did not willfully pay Rs 550 crore dues it owed to Ericsson India. Supreme Court Holds Anil Ambani guilty of contempt in Ericsson case pic.twitter.com/mEzkCoGd5k — CNBC-TV18 February 20, 2019 A bench comprising of Justices RF Nariman and Vineet Saran said that if the contemnor failed to make the payments within the specified period, they they will undergo a jail term of three months.

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History of this topic

AGR case: SC seeks details of spectrum users of bankrupt telcos
4 years, 5 months ago

AGR case: SC seeks details of spectrum users of bankrupt telcos

Live Mint  

NEW DELHI: The Supreme Court on Friday asked bankrupt telecom companies, including Reliance Communications Ltd, Aircel Group and Videocon Telecommunications Ltd, to furnish details of those using spectrum with insolvent firms. A bench headed by Justice Arun Mishra asked Shyam Divan, counsel representing the resolution professional of RCom, that if Reliance Jio has been using the spectrum with RCom and …

RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%
4 years, 10 months ago

RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%

Firstpost  

RCom’s secured debt is estimated to be around Rs 33,000 crore. New Delhi: The Committee of Creditors of Reliance Communications on February 24 will put to a vote asset bids received from UV Asset Reconstruction Company and Reliance Jio from which lenders are expected to recover around Rs 23,000 crore, according to sources privy to the development. UV Asset Reconstruction …

Reliance Communications lenders reject resignation of Anil Ambani, 4 other directors
5 years, 1 month ago

Reliance Communications lenders reject resignation of Anil Ambani, 4 other directors

India TV News  

Reliance Communications on Sunday said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors, and asked them to cooperate in the ongoing corporate insolvency resolution process. The filing further said: ".it is being duly communicated to the aforesaid directors of RCom that their resignations have not been accepted and they are advised to continue to …

Anil Ambani, 4 directors resign from Reliance Communications; firm going through insolvency process
5 years, 1 month ago

Anil Ambani, 4 directors resign from Reliance Communications; firm going through insolvency process

Firstpost  

Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, New Delhi: Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, according to a regulatory filing. The company, which is going through insolvency process, had made a profit of …

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials
5 years, 6 months ago

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials

Firstpost  

New Delhi: The National Company Law Appellate Tribunal on Wednesday reserved its order over the admission of a contempt petition filed against Reliance Group Chairman Anil Ambani and its other officials by minority shareholders alleging non-payment of dues by Reliance Infratel. A two-member bench, headed by NCLAT Chairman Justice S J Mukhopadhaya, said it will decide whether the contempt petition …

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May
5 years, 8 months ago

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May

Firstpost  

At the last hearing, RCom had sought 357 days exclusion in the insolvency process citing the stays it had on the process by the NCLAT and the Supreme Court. Mumbai: The National Company Law Tribunal on Thursday allowed Reliance Communications to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs …

Reliance vs Ericsson: Unsecured Creditor Walks Away With Money; Banks Clueless About Recovery
5 years, 9 months ago

Reliance vs Ericsson: Unsecured Creditor Walks Away With Money; Banks Clueless About Recovery

Live Law  

In the scheme of the Insolvency and Bankruptcy Code, the claims of operational creditors rank lower than the claims of secured financial creditors.But in the recent Reliance-Ericsson dispute, the unsecured operational creditor managed to upstage the financial creditors. Ericsson Indian Pvt Ltd, an operational creditor of Reliance Communications, has managed to claim nearly 50% of its dues by going through …

Anil Ambani Avoids Prison As Reliance Clears Ericsson Dues Before SC Deadline
5 years, 9 months ago

Anil Ambani Avoids Prison As Reliance Clears Ericsson Dues Before SC Deadline

Live Law  

With Reliance Communications paying Rs.462 crores to Ericsson before the deadline fixed by the Supreme Court, its Chairman Anil Ambani has avoided imprisonment, reports the Economic Times. As per the ET report, Ericsson's lawyer confirmed receipt of the payment.On February 20, the Supreme Court had held Ambani and three Reliance companies guilty of contempt of court for not complying with. …

RCom pays ₹460 crore to settle Ericsson dues
5 years, 9 months ago

RCom pays ₹460 crore to settle Ericsson dues

Live Mint  

Mumbai: Ericsson SA has received ₹462 crore from Indian telecom firm Reliance Communications Ltd, the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term. Late last month, the Supreme Court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom …

NCLAT Refuses To Direct SBI To Release Rs.260 Crores To Reliance To Enable It To Settle Ericsson Dues [Read Order]
5 years, 10 months ago

NCLAT Refuses To Direct SBI To Release Rs.260 Crores To Reliance To Enable It To Settle Ericsson Dues [Read Order]

Live Law  

In a major set back to Anil Ambani, the National Company Law Appellate Tribunal on Friday refused to direct the State Bank of India to release the amount of Rs.260 crores of income tax refund held by it in trust on behalf of all creditors of Reliance Communications to enable the telecom company to pay Rs.450 crores to Ericsson India …

In a sinking ship
5 years, 10 months ago

In a sinking ship

The Hindu  

IN a case of how the mighty can fall, one of India’s top businessmen, Anil Ambani, chairman of the Anil Dhirubhai Ambani Group, faces the prospect of spending time in jail and going bankrupt. Jio’s failure to buy Rcom assets At the centre of Anil Ambani’s problems was Reliance Jio’s failure to buy RCom’s assets. Keeping in mind the crisis …

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order
5 years, 10 months ago

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order

Firstpost  

RCom owes a total Rs 571 crore to the Swedish telecoms equipment maker, including a one-time settlement of Rs 550 crore and interest payments of Rs 21 crore. Business tycoon Anil Ambani is planning to use a payment from his brother’s company and the sale of real estate assets to pay what he owes to Sweden’s Ericsson following a court …

A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson
5 years, 10 months ago

A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson

Firstpost  

Observing there was a ‘willful default’, the Supreme Court ordered RCom to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a 3-month jail term. The Supreme Court on Wednesday found Anil Ambani, chairman of debt-laden RCom, guilty of contempt of court for willfully failing to pay Rs 550 crore to Ericsson. …

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events
5 years, 10 months ago

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events

Firstpost  

The Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. New Delhi: The following is the chronology of events in the case in which the Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. Observing there was a ‘wilful default’, …

Reliance Group stocks under pressure; slip up to 4.3% on Supreme Court order against Anil Ambani in Ericsson case
5 years, 10 months ago

Reliance Group stocks under pressure; slip up to 4.3% on Supreme Court order against Anil Ambani in Ericsson case

Firstpost  

Shares of Reliance Group companies on Wednesday closed 4.3 percent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court. New Delhi: Shares of Reliance Group companies on Wednesday closed 4.3 percent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court …

Anil Ambani's Reply Affidavit Clearly Demonstrates His Cavalier Attitude To The Highest Court Of The Land: SC [Read Judgment]
5 years, 10 months ago

Anil Ambani's Reply Affidavit Clearly Demonstrates His Cavalier Attitude To The Highest Court Of The Land: SC [Read Judgment]

Live Law  

The Supreme Court, on Wednesday, held three Reliance Companies, guilty of contempt of court for defaulting payments to Ericsson as per the undertaking given to the Court. The court also observed that the three Reliance Companies have willfully not paid the sum of INR 550 crore plus interest and have thus breached the undertakings given to the Court. "The undertakings …

Supreme Court holds RCom, Anil Ambani guilty of contempt in Ericsson dues case
5 years, 10 months ago

Supreme Court holds RCom, Anil Ambani guilty of contempt in Ericsson dues case

Live Mint  

New Delhi: The Supreme Court on Wednesday held Reliance Communications Ltd and its chairman Anil Ambani guilty of contempt for failing to pay dues to Ericsson India. The court was ruling on Ericsson’s contempt plea against RCom and its chairman Ambani for “wilful disobedience” of the court’s earlier orders to pay dues to the Swedish company. Rohatgi also denied allegations …

Breaking: SC Holds Anil Ambani Guilty Of Contempt; No Jail If Reliance Pays Ericsson Rs 453 Crores In 4 Weeks [Read Judgment]
5 years, 10 months ago

Breaking: SC Holds Anil Ambani Guilty Of Contempt; No Jail If Reliance Pays Ericsson Rs 453 Crores In 4 Weeks [Read Judgment]

Live Law  

The Supreme Court bench of Justices R F Nariman and Vineet Saran has held Anil Ambani, Chairman of Reliance Communications, guilty of contempt of court for defaulting payments to Ericsson as per the undertaking given to the Court.The three Reliance Companies - RCom, Reliance Telecom and Reliance InfraTel- are also held guilty of contempt, and fine of Rs One Crore …

'Reliance Has Money To Pay Rafale; But Not To Pay Our Debts', Ericsson Submits As SC Reserves Orders On Contempt Plea Against Anil Ambani
5 years, 11 months ago

'Reliance Has Money To Pay Rafale; But Not To Pay Our Debts', Ericsson Submits As SC Reserves Orders On Contempt Plea Against Anil Ambani

Live Law  

The Supreme Court bench of Justices R F Nariman and Vineet Saran today reserved orders on the contempt petitions filed by Ericsson against the Chairman of Reliance Communications Ltd Anil Ambani and other officials.Ambani was present in Court today along with Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani.The contempt petitions have been. The Supreme …

Supreme Court reserves verdict in Ericsson’s contempt plea against RCom
5 years, 11 months ago

Supreme Court reserves verdict in Ericsson’s contempt plea against RCom

Live Mint  

The Supreme Court on Wednesday reserved its verdict on Ericsson’s contempt plea against Reliance Communications Ltd and its chairman Anil Ambani for “wilful disobedience” of the court’s earlier orders to pay dues of ₹550 crore to the Swedish telecom equipment maker. Ericsson had asked the court to direct Ambani to submit ₹550 crore along with interest of 12% per annum …

Anil Ambani flies in private jets, has money for Rafale but no money to pay Rs 550 cr dues, asks Ericsson lawyer
5 years, 11 months ago

Anil Ambani flies in private jets, has money for Rafale but no money to pay Rs 550 cr dues, asks Ericsson lawyer

Firstpost  

Early this month, RCom decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the Anil Ambani-led telecom firm said. Supreme Court has on Wednesday reserved its judgement on a contempt plea filed against Reliance Communication chairman Anil Dhirubhai Ambani and and two others by Ericsson India over not clearing its dues of …

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow
5 years, 11 months ago

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow

Live Law  

Anil Ambani, Chairman of Reliance Communications, appeared in the Supreme Court in response to the notices issued by the apex court in the contempt petitions filed Swedish company Ericsson. Three officials of the company were also present.The bench of Justices R F Nariman and Vineet Saran however adjourned the matter for tomorrow. The contempt petitions have been filed alleging that …

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India
5 years, 11 months ago

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India

Firstpost  

The Supreme Court of India had issued notice to Anil Ambani and others on a contempt petition filed by Ericsson India over non-payment of its dues. Reliance Communications chairman Anil Ambani has reached the Supreme Court on Tuesday to appear in a contempt petition filed by Ericsson India over not clearing its dues of Rs 550 crore. Contempt proceeedings Ericsson …

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle
5 years, 11 months ago

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle

CNN  

New Delhi CNN Business — One of India’s richest men has turned to a bankruptcy court for help as he battles to save his company after losing a brutal price war with his older brother. Anil Ambani’s wireless telecom business, Reliance Communications, announced Sunday it was asking India’s National Companies Law Tribunal to help sell its assets and settle billions …

SC issues notice to Anil Ambani over RCom Ericsson dues
6 years ago

SC issues notice to Anil Ambani over RCom Ericsson dues

Live Mint  

New Delhi: The Supreme Court on Monday issued notice to Anil Ambani on a plea by Ericsson India Pvt. Senior lawyer Harish Salve, appearing for Reliance Jio said, “Knowing the problems with prior dues and when giving physical guarantee, we can’t take the risk.” The court was responding to a contempt petition by RCom against the department of telecommunications claiming …

Dues settlement row: Reliance Communications says Ericsson attempting media trial, endangering interest of creditors
6 years ago

Dues settlement row: Reliance Communications says Ericsson attempting media trial, endangering interest of creditors

Firstpost  

RCom said it remains committed to clear dues of Ericsson from spectrum realisation. However, the approval for the same is pending with the government New Delhi: Debt-laden Reliance Communications Sunday accused Swedish telecom gear maker Ericsson, which is an operational unsecured creditor of the company, of attempting media trial and sensationalising the issue of dues recovery, saying it might put …

Reliance Communications says 'fully committed' to settle dues with Ericsson from spectrum sale
6 years ago

Reliance Communications says 'fully committed' to settle dues with Ericsson from spectrum sale

Firstpost  

Reliance Communications is yet to receive approval from the telecom department to proceed with the sale of its wireless assets. New Delhi: Telecom company Reliance Communications Ltd said it remained “fully committed” to settle dues with Swedish telecom gear-maker Ericsson from the proceeds of its sale of wireless assets to Reliance Jio Infocomm Ltd. “RCom has taken all required steps …

RCom files case in Supreme Court against DoT over Jio deal
6 years ago

RCom files case in Supreme Court against DoT over Jio deal

Live Mint  

New Delhi: Reliance Communications Ltd on Thursday filed a contempt of court plea against the department of telecommunications in the Supreme Court claiming that it failed to furnish a no-objection certificate clearing RCom’s spectrum deal with Reliance Jio Infocomm Ltd even after the court had directed it to do so. The Supreme Court had on 30 November cleared the sale …

SC issues notice on RCom’s plea challenging TDSAT order directing refund of unspent prepaid balance
6 years, 1 month ago

SC issues notice on RCom’s plea challenging TDSAT order directing refund of unspent prepaid balance

Live Mint  

New Delhi: The Supreme Court on Monday sought a response from the telecom regulator on an appeal by Anil Ambani led- Reliance Communications Ltd challenging an order of the telecom appellate tribunal directing it to refund the unspent prepaid balance to its prepaid mobile subscribers.These included those prepaid subscribers who opted for porting and also those who could not port …

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio
6 years, 1 month ago

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio

Live Mint  

New Delhi: The Supreme Court on Friday cleared the sale of spectrum by Anil Ambani-controlled Reliance Communications Ltd to elder brother Mukesh Ambani’s Reliance Jio Infocomm Ltd on the condition that the seller furnishes ₹ 1,400 crore as corporate guarantee to the government within two days. The tribunal had also asked RCom to not sell a land parcel worth ₹ …

Supreme Court tells RCom to pay Ericsson dues by 15 December
6 years, 2 months ago

Supreme Court tells RCom to pay Ericsson dues by 15 December

Live Mint  

New Delhi: The Supreme Court on Tuesday gave Reliance Communications Ltd time till 15 December to clear the pending payment of ₹ 550 crore towards telecom equipment manufacturer Ericsson India Pvt. RCom moved the top court on 19th March, seeking a stay on the orders by the Bombay high court and the Mumbai bench of the National Company Law Tribunal, …

RCom caps borrowing limit to ₹50,000 crore
6 years, 3 months ago

RCom caps borrowing limit to ₹50,000 crore

Live Mint  

New Delhi: Debt-ridden Reliance Communications said on Wednesday its shareholders have approved a cap of ₹ 50,000 crore on its borrowing limit. The resolution to revise borrowing limit was passed as special resolution by around 90% of shareholders at the annual general meeting of the company held on 18 September 2018, RCom said in a BSE filing. It was proposed …

Reliance Communications agrees to sell Rs 25,000 cr assets by August end; to pay Ericsson Rs 550 crore
6 years, 5 months ago

Reliance Communications agrees to sell Rs 25,000 cr assets by August end; to pay Ericsson Rs 550 crore

India TV News  

Debt-ridden Reliance Communications is looking to complete the sale of its business assets worth Rs 25,000 crore by the end of this month and has also agreed to pay Rs 550 crore towards settlement to telecom gearmaker Ericsson by September-end. Reliance Communications in a regulatory filing said that it has "agreed to pay a settlement amount of Rs 550 crore …

RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT
6 years, 6 months ago

RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT

Live Mint  

New Delhi: Reliance Infratel Ltd and its offshore investor and minority shareholder HSBC Daisy Investments Ltd on Friday submitted to the National Company Law Appellate Tribunal their final consent terms with respect to their dispute over sale of tower and fibre assets by the telco to Reliance Jio Infocomm Ltd. This comes a month after Reliance Infratel, a unit of …

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