SC to hear Ericsson's plea seeking action against Anil

The Supreme Court is likely to hear on Thursday telecom equipment maker Ericsson's plea seeking contempt action against RCom Chairman Anil Ambani and others for failing to pay Rs 550 crore towards the settlement to the company by September end.

A bench of Justices R F Nariman and Indu Malhotra is scheduled to hear the contempt plea.

The company alleged that RCom has "willfully and consciously" defied the order dated August 3 of the top court and the undertaking given before it to pay Rs 550 by September end this year.

It has sought initiation of contempt proceedings against RCom top officials including Ambani.

"They have no respect for the law of the nation and have abused the due process of law," the plea said.

The top court had approved the settlement between RCom and Ericsson India Pvt Ltd. over a payment dispute and asked the telecom company to pay Rs 550 crore to the Indian arm of the Swedish firm by September 30.

Ericsson India, which had signed a 7-year deal in 2014 to operate and manage RCom’s nationwide telecom network, had alleged that it had not been paid the dues of over 1,500 crore and challenged the debt-ridden firm before National Company Law Appellate Tribunal (NCLAT).

A Supreme Court Bench perused the May 30 interim order of the NCLAT and noted that Ericsson India was willing to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore which was to be paid by RCom within 120 days.

The apex court on August 3 allowed RCom to sell assets covering spectrum, fibre, telecom towers, MCNs and certain real estate assets, for an aggregate value of approximately Rs 25,000 crore.

Liked the story?

  • 0

    Happy
  • 1

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry

Comments:

SC to hear Ericsson's plea seeking action against Anil

0 comments

Write the first review for this !