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Beleaguered telecom operator Reliance Communications (RCom) has sought “urgent” approval from its lenders to release about Rs 260 crore lying with it to Ericsson.
RCom said in a statement, it had received the Rs 260 crore from Income Tax refunds, which has been lying in its bank account.
It had earlier deposited Rs 118 crore with the Supreme Court, it added.
“RCom is confident of raising the balance about Rs 200 crore for payment to Ericsson, in order to ensure that the entire Rs 550 crore, plus interest thereon, stands paid to Ericsson, well within the time of four weeks allowed by the Supreme Court,” it added.
On Wednesday, the Supreme Court held RCom Chairman Anil Ambani and two directors of the group, guilty of contempt of court and asked them to pay Rs 453 crore to Swedish telecom equipment major Ericsson within four weeks. Failure to comply with the order would invite a three-month jail term.
This is in addition to the Rs 118-crore RCom had deposited with the Supreme Court Registry, said the court order, a copy of which was viewed by BusinessLine . The court will hand over this deposit to Ericsson in a week.
READ THE STORY: SC to Anil Ambani, two RCom directors: Pay Ericsson ₹453 cr or face jail
Reliance Telecom Chairman Satish Seth and Reliance Infratel Chairperson Chhaya Virani are the other two directors found guilty by the court.
Also read: RCom deposits partial payment of Rs 131 crore
RCom’s deadline to pay Rs 550 crore to Ericsson ended on December 15, which was personally guaranteed by Anil Ambani.
A Bench comprising Justices RF Nariman and Vineet Saharan pronounced the verdict in the Ericsson case. The Swedish company had dragged Ambani to court after RCom failed to clear its dues.
RJIO refuses undertaking
The court had earlier directed the Department of Telecommunications (DoT) to provide a no-objection certificate (NOC) to RCom for the sale of spectrum. However, it was pointed out that the NOC could only be given if the buyer of the spectrum gave an undertaking that it would be responsible for the payment of RCom’s debts.
The sale of spectrum to RJio, therefore, did not fructify, not because the DoT refused to give the NOC, as has been alleged by Reliance companies in their pleadings filed in this case, but only because RJio refused to give an undertaking, the court observed.
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