Breaking News

Anil Ambani has money for Rafale not us: Ericsson


NEW DELHI: Pressing on its transfer for contempt complaints in opposition to Anil Ambani for Reliance Communication's default in making payment of Rs 550 crore, Swedish telecom corporate Ericsson rejected the industrialist's plea of fund crunch as an excuse claiming that his team had made sufficient benefit to put money into the Rafale deal.

Senior advocate Dushyant Dave, appearing for Ericsson, advised a bench of Justices RF Nariman and Vineet Saran that the Reliance Anil Dhirubhai Ambani Group must be handled as one entity and the group will have to be prone to pay liabilities of RCom.

"He has money to invest in Rafale. But he does not want to honour the commitment given to the court (to refund Rs 550 cr)," he said.Dave said RCom had, in its communique to the stock change in August 2018, said it had sealed the deal worth of Rs 5,000 crore with Jio to promote its fibre and different infrastructure and its share worth shot up by way of three% on that day. He said the deal is as well as of Rs 18,100 crore maintain Jio to promote spectrum and mobile towers.


"It is very unfortunate that an extraordinary citizen can take the court for ride. From day one, they did not want to comply with the undertaking given to the court. You have personal assets worth thousands of crores and you have to fulfil the undertaking. They live like emperors but not willing to honour the undertaking," Dave said. He said the group had the money as it had offered to pay it at the situation that Ericsson withdrew the contempt petition. He said the lender banks had been hand-in-glove to protect Anil Ambani's corporate.


Ambani said that his failure to refund Rs 550 crore to Ericsson did not constitute contempt as his commitment to make the payment to the Swedish corporate used to be contingent upon the Rs 18,100 crore deal he used to be negotiating with his elder brother Mukesh Ambani's Jio, which did not fructify.


Senior advocate Mukul Rohatgi, appearing for Anil Ambani, said RCom did not receive Rs 5,000 crore from Jio as submitted by way of Ericsson and got most effective Rs 780 crore which used to be utilised by way of lenders to pay to the department of telecommunication (DoT) to save lots of the telecom licence of the company. "The amount was deposited in an escrow account maintained by 46 lenders led by SBI. This is the only amount which came from Jio and the lenders had given the money to DoT. I am caught between the devil and deep sea. I am nowhere today," Rohatgi said.


The SC reserved its verdict after four-hour listening to.


No comments