INSUBCONTINENT EXCLUSIVE:
Reliance Communications (RCom) has staved off a jail term of three months for its chairman Anil Ambani by paying Swedish telecom equipment
maker Ericsson dues of Rs 462 crore, ending the year-long legal battle between the two companies.
Ericsson's lawyer confirmed receipt of
bankruptcy court in 2017 alleging that it had not been paid dues of around Rs 1,500 crore after signing a seven-year deal in 2013 to operate
both of which were missed by RCom
This prompted Ericsson to file three contempt petitions against Anil Ambani, chairman of RCom, and its two units were party to the
case.
RCom under a debt of RS 46,000 crore, was close to selling its assets to Reliance Jio Infocomm (Jio) and Canadian asset management
company Brookfield and use part of the proceeds of Rs 18,000 crore to repay its lenders and creditors including Ericsson
But the deal fell through due to legal challenges.
