The Supreme Court has decided that Anil Ambani must pay up Rs 450 crore to Ericsson or go to Jail. The court has also ordered that Anil must pay Rs one crore to the Registry of the court.
The court said that the negligence of Anil amounts to contempt of court. The court said that it was willful disobedience of the court order by the Reliance group Chief. It amounted to contempt of court.
Earlier Ambani agreed in front of the court that he would pay the Telecom company and so far he has not honoured the agreement. Ericsson is demanding Rs 550 crore with Interest. RCom the company of Anil is due to Ericsson.
Anil Ambani said that he has moved heaven and earth to settle the matter, but could not do it.
Anil wanted to sell the assets of Rcom to Mukesh Ambani but so far the deal could not take place. Now the Supreme court has warned that if RCom does not pay up the said 450 crores, Anil will have to go to jail.
Anil also revealed that is company has entered into insolvency proceedings and is not in control of funds.
It has to be seen if Anil would settle the due or go to jail.
