Anil Ambani escapes jail term, thanks Mukesh and Nita Ambani

There is no jail term for Anil Ambani as Reliance communications Chairman Mukesh Ambani helped him splash the dues worth Rs 550 crore to Ericson. The Supreme Court had ordered to pay off the due by 15th March or else the Anil Ambani would have been sentenced to jail.

Anil Ambani thanked his elder brother Mukesh Ambani for “timely assistance”. “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply grateful and touched with this gesture,” Anil Ambani said.

Credits: Business Today

“The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Supreme Court,” an RCOM spokesperson stated.

Reliance Communications had already deposited a sum of Rs 118 crore with the Supreme Court and then another Rs 3 crore as penalty interest. On Monday, it paid up the balance Rs 458.77 crore to the Ericsson.

“Ericsson has received the payment along with up to date interest and it will accordingly be withdrawing the petitions filed for insolvency,” said senior advocate Anil Kher who has been representing Ericsson quoted as saying.