SC directs RCOM to pay Ericsson Rs 550 cr with interest



SC directs RCOM to pay Ericsson Rs 550 cr with interestNew Delhi : The Supreme Court on Wednesday directed Reliance Communications to pay Rs 453 crore to Ericsson India within four weeks failing which its chairman will have to undergo a three-month sentence.

A bench of Justice Rohinton Fali Nariman and Justice Vineet Saran directed the court’s Registry to give Ericsson Rs 118 crore that were earlier deposited by RCOM.

The court said that the entire amount that RCOM has to pay to Ericsson is Rs 550 crore plus the interest that was generated.

The court also imposed a fine of Rs 1 crore each on RCOM, Reliance Telecommunication and Reliance Infratel that would be deposited with the Supreme Court Legal Services Committee (SCLSC).

In case of default the Chairman of all three companies would have to undergo sentence of one month each.

The bench ordered this as it did not accept the “unconditional apology” tendered to the court by the RCOM Chairman.

RCOM Chairman Anil Ambani was present in the court when the order was announced.



Leave a Reply

Your email address will not be published. Required fields are marked *