Indian tycoon Ambani pays debt after court threatened jail

Anil Ambani's Reliance Com pays Rs 460 crore to Ericsson, day before deadline

The Swedish firm approached the court in 2018 over the unpaid dues from a deal it had signed in 2014 to manage and operate RCom's network.

Embattled billionaire Anil Ambani Monday warded off a possible jail term as RCom cleared dues of a Swedish service provider at the eleventh hour with money received from elder brother Mukesh, whom he thanked for standing by him in trying times and extending "timely support".

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.

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

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 Ambani brothers engaged in a bitter feud for control of Reliance Industries after their rags-to-riches father Dhirubhai Ambani died in 2002 without a will.

RCom, which owes a total 5.71 billion rupees to Ericsson, including a one-time settlement of 5.5 billion rupees and interest payments of 210 million rupees, had already deposited 1.18 billion rupees with the Supreme Court in February. Earlier this month, Anil Ambani and his wife - Tina - attended the wedding of Mukesh's son, Akash, with Shloka Mehta in Mumbai along with a host of high-profile personalities.

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"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements almost 15 months ago", the company added.

The Anil Ambani group on Monday paid the amount to the court, sources close to the development said.

The two directors are Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani. The deadline expires Tuesday.

It could not be immediately ascertained from where the company raised the funds, or whether it was paid from Anil Ambani's personal accounts.

The company suffered a blow when National Company Law Appellate Tribunal (NCLAT), last week, refused to free up Rs 260 crore tax refunds withheld by the lenders.

On Monday, RCom shares fell 9.30% to ₹4.00 apiece on the BSE while the benchmark Sensex gained 0.19% to end the day at 38,095.07 points.

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