Info-tech

RCom deposits partial payment of Rs 131 crore

Our Bureau Mumbai | Updated on January 07, 2019 Published on January 07, 2019

A bench headed by Justice R F Nariman sought a response from Ambani and others in four weeks

 

Debt-laden Reliance Communications (Rcom) has deposited Rs 131 crore with Supreme Court Registry as partial payment of dues it owes to Ericsson, even as the apex court issued a notice to RCom Chairman Anil Ambani.

The Supreme Court has given four weeks’ time to file its response to the contempt petition filed by Ericsson. Thereafter, Ericsson has been given one week’s time to file its rejoinder. The matter will be taken up for hearing thereafter, an RCom spokesperson said.

RCom has deposited the partial payment from its operational funds available, the spokesperson added.

A bench headed by Justice R F Nariman sought a response from Ambani and others in four weeks.

On Sunday, the Anil Ambani group company accused Swedish telecom equipment manufacturer Ericsson — one of its operational unsecured creditor — of a media trial and sensationalising the issue of dues recovery and added that this would put even the secured lenders at risk.

Last week, Ericsson earlier Supreme Court a second time, seeking initiation of contempt proceedings against RCom Chairman Anil Ambani for allegedly not complying with its order to clear dues of ₹550 crore.

Earlier on December 20, RCom said that it was “committed” to settle all dues and disputes, even as it awaits the Department of Telecommunications’ (DoT) consent for spectrum sales. The company was also of opinion that it has complied with all spectrum trading guidelines.

On the requirement of a bank guarantee as per DoT’s demand, which was substituted by the orders of Telecom Disputes Settlement and Appellate Tribunal (TDSAT), RCom said its subsidiary — Reliance Realty — had provided a corporate guarantee.

RCom deadline to pay ₹550 crore to Ericsson ended on December 15, which was also personally guaranteed by Anil Ambani. HSBC Daisy Investment, along with a clutch of other investors, holds nearly 4 per cent stake in RCom subsidiary Reliance Infratel.

RCom now has to settle the dues, wrap up the cases pending before the National Company Law Appellate Tribunal (NCLAT) and get the DoT approval to sell spectrum before it can close the deal signed with Reliance Jio in 2017.

In December 2017, Mukesh Ambani-led Reliance Jio Infocomm announced plans to acquire the wireless assets of controlled by his younger sibling, Anil.

Published on January 07, 2019
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