Swedish telecom equipment company Ericsson has petitioned in Supreme court against Anil Ambani that he has no respect for the law of the nation.
Swedish telecom company Ericsson has submitted a petition to the requesting Supreme Court that Anil Ambani should be prevented from leaving the country till he settles his dues. The Swedish company has asked the apex court to ensure two of Ambani’s senior executives should also be barred from leaving the country.
The Swedish firm’s accusation that Ambani has willfully defaulted payment of Rs 550 crore which he promised.
Earlier, Anil Ambani had made a deal with Reliance Jio. For that it had generated upto Rs 25,000 crore through sale of various assets. But the hopes of settlement of all troubles hit a road block after the telecom ministry demanded bank guarantees worth Rs 2,900 crore over spectrum usage charges.
He has “voluntarily” decided to draw “no salary or commission” in this fiscal year through March 2018 from telecom arm. India’s fourth largest telecom operator (RCom), which is struggling to repay its loans amid sharply falling revenue and cash flows in a fiercely competitive market. The decision is part of the company promoters’ commitment to strategic transformation programme.
Fitch Ratings recently said that RCom had poor liquidity at end-March 2017, with cash and equivalents of Rs 14 billion, insufficient to pay short-term debt of Rs 109 billion.
The embattled Anil Ambani group has debt running up to Rs 45,000 crore.
Anil Ambani had managed to strike a deal with elder brother Mukesh Ambani to raise cash of Rs 25000 crore by selling assets like tower , fibre , spectrum.