Reliance Communications on Thursday said it had requested its lenders to urgently approve the release Rs 260 crore received from income tax refunds directly to Swedish multinational telecom and networking firm Ericsson. In a stock exchange filing, the Anil Ambani-owned company said the request had been made in pursuance of the Supreme Court’s judgement on Wednesday directing it to pay its dues of Rs 453 crore to Ericsson within four weeks.
A sum of Rs 118 crore has already been deposited with the court, the company said, adding it is confident of raising the balance of around Rs 200 crore within four weeks “in order that the entire Rs 550 crore plus interest thereon stands paid to Ericsson”.
The Supreme Court had on Wednesday held Ambani and two directors in contempt of court on a petition filed by Ericsson. Justices Rohinton Nariman and Vineet Saran held that three Reliance companies had had no intention of paying the money they owed Ericsson. They also rejected Reliance Communications’ unconditional apology.
The Supreme Court ordered Reliance Communications to pay Rs 453 crore within four weeks to Ericsson. Ambani will have to undergo three months’ imprisonment if the company fails to pay, the court said.