Mukesh Ambani bails out Anil in Ericsson payout case day before SC deadline

Agencies
FILE PHOTO: Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group, addresses shareholders during the company's annual general meeting in Mumbai, India, September 18, 2018. REUTERS/Francis Mascarenhas/File Photo

Mumbai: Billionaire Mukesh Ambani stepped in to bail out younger brother Anil Ambani by helping him repay Reliance Communications’ (RCom’s) dues to Ericsson. The last-minute rescue spares the younger Ambani a three-month jail term for contempt of court.


RCom cleared the entire dues to Ericsson India to purge the contempt of a Supreme Court order. The debt-ridden company had already paid Rs 118 crore of the Rs 550-crore dues. In addition, the company had paid around Rs 3 crore in penalties to Ericsson.


“My sincere 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,” said Anil Ambani in a media statement. RCom had time until Tuesday to make the payment, failing which Anil Ambani, its chairman, would have had to serve a three-month jail term, according to the court’s order.

TAGGED:
Share This Article
Leave a Comment