Anil Ambani Held Guilty In Ericsson Case
By MYBRANDBOOK
Reliance Group chairman Anil Ambani and two directors were held guilty of contempt by the Supreme Court on Wednesday, on a plea filed by Ericsson India over not clearing its dues of Rs 550 crore, would go to jail for three months if they did not pay Rs. 453 crore to Ericsson within four weeks.
The court said Ambani and directors Satish Seth and Chhaya Virani would go to jail for 3 months if they did not pay Rs. 453 crore to Ericsson within four weeks. Further, Ambani, Seth and Virani were present in the courtroom when the verdict was pronounced.
Supreme Court holds Reliance Communication chairman Anil Ambani and two directors guilty of contempt of court on a contempt plea filed by Ericsson India against him over not clearing its dues of Rs 550 crore.
A bench of Justices RF Nariman and Vineet Saran had on 13 February reserved its judgement when Ericsson India had alleged that the Reliance Group has money to invest in the Rafale jet deal but they were unable to clear its Rs 550-crore dues, a charge which was vehemently denied by the Anil Ambani-led company.
Supreme Court says, Anil Ambani & 2 directors have to pay Rs 453 Cr to Ericsson India within 4 weeks & if they fail to pay the amount, three months' jail term will follow. SC also imposed a fine of Rs 1 cr each on them, if not deposited within a month, 1-month jail will be awarded. The bench further said, if the ‘contemnors’ failed to make the payments within the specified period, they will undergo a jail term of three months.
The apex court specified that any unconditional apology given by Reliance needs to be rejected as they have breached the undertaking and order. The bench said the three Reliance companies did not adhere to the 120 days deadline and 60 days extra given by the apex court to pay the Rs. 550 crore to Ericsson.
It said the undertakings given in the court were false to the knowledge of the court and affected the administration of justice.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
ALPHAMAX TECHNOLOGIES PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
TATA CONSULTANCY SERVICES
ACER INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
ICONS OF INDIA : SANDIP PATEL
Sandip Patel is the Managing Director for IBM India & South Asia regio...
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
PARTNER SPEAKERS
PSU
BEL - Bharat Electronics Limited
BEL is an Indian Government-owned aerospace and defence electronics co...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
