The Supreme Court today (February 20, 2019) held
Reliance Communications Ltd chairman Anil Ambani,
Reliance Telecom Ltd chairman Satish Seth and
chairperson of Reliance Infratel Ltd Chhaya Virani, guilty of contempt of court in the petition filed by Ericsson.
A Bench comprising of
JusticesRohinton Nariman and
Vineet Saran rejected the unconditional apology given by Reliance, in light of its “cavalier attitude” towards the highest Court of the land and said that the undertakings given by the three contemnors were “false to the knowledge” of the court and affected the administration of justice. Further, the Bench also said that the contemnors “willfully” did not pay the money it owned Ericsson and “breached the undertaking given to the Supreme Court.”
The Bench directed Reliance Communications, headed by Anil Ambani to pay Ericsson
Rs. 453 crorewithin four weeks. An amount of Rs 118 crore has already been deposited with the Court Registry. In case of failure to pay, the Bench stated that Chairperson Anil Ambani will have to undergo three months’ imprisonment. Additionally, a fine of Rs 1 crore was imposed on each of the companies, who have to deposit the same with the Supreme Court Registry. In case of failure to deposit the fine of Rs 1 crore, each of the three Directors of the companies will have to undergo one month imprisonment. Earlier on two occasions, the apex court had ordered Reliance to pay Rs. 550 crores to Ericsson towards settlement of dues, however, Reliance failed to make the payment which led Ericsson to move the Supreme Court. Ericsson in its contempt petition contended that Reliance had committed gross contempt by disobeying orders of the Supreme Court.
SBI Moves SC To Vacate Stay On Recovering Dues From Anil Ambani By Invoking Personal Guarantee
Business
Sep 08, 2020
Rhea Banerjee
(
Editor: Ekta Joshi
)
4 Shares
The State Bank of India (SBI) has moved its plea to the Supreme Court in order to recover their dues from Anil Ambani by raising his personal guarantee as he got a stay from the Delhi High Court against this move. There were three people aware of the development. An executive has stated that “since the order of Delhi High Court was in favor of Anil Ambani, SBI is seeking the aid of Supreme Court.” SBI has not responded to any of the queries and even the representative of Anil Ambani is...
Delhi High Court Orders Stay on IBC Proceedings against RCom Chairman Anil Ambani [READ ORDER]
Business
Aug 27, 2020
Saransh Awasthi
(
Editor: Ekta Joshi
)
39 Shares
In a major relief for Anil Ambani, the Delhi High Court, on Thursday ( August 27,2020), stayed the Insolvency and Bankruptcy proceedings initiated against the debt-laden industrialist by the State Bank of India (SBI) in connection to a personal guarantee given by him against the loan taken by Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL).A Division Bench of Justice Vipin Sanghi and Justice Rajneesh Bhatnagar has, however, restricted Anil Ambani from disposing or...
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