Anil Ambani Thanked Brother Mukesh for Paying his Dues to Ericcson

Guwahati: Industrialist Anil Ambani thanked elder brother Mukesh Ambani for his timely support as the latter paid the pending amount to the Swedish telecom giant Ericsson a day before the Supreme Court deadline.

On Monday, Mukesh Ambani paid Rs. 458.77 crores to Ericsson, Anil Ambani's debt-hit Reliance Communications.

Industrialist Anil Ambani has been held guilty by the Supreme court last month in a case filed by telecom equipment maker Ericsson. The court has ordered Ambani to clear dues within four weeks of the hearing and slapped a fine of Rs. 1 crore on three Reliance Group companies- R Com, Reliance Telecom Ltd and Reliance Infratech Ltd.

The Swedish telecom equipment maker had claimed that Reliance Communications had not paid up as ordered by the court earlier.

The Supreme Court on Wednesday directed the industrialist to pay the dues of Rs. 453 crore failing which he will be sentenced to three-month jail term. The top court has directed to release an amount of Rs. 118 crore which is already deposited with the registry.

The court has also observed that RCom had no intention to pay and that it had not paid Ericsson the due amount wilfully. The court has also rejected an apology by RCom.

Anil Ambani issued a statement after the debt has been paid which reads as, "My sincere and heartfelt thanks to my respected elder brother, Mukesh Ambani and sister-in-law Nita Ambani for standing beside me during the hard times, demonstrating the importance of staying true to our strong family values by extending this timely support."

The statement further reads as, "He and his family were deeply in touch that they had moved beyond the past."

It was after Ambani's father Dhirubhai Ambani's death in 2002 that the two brothers were caught in a bitter feud, as their father has not left a will. Although they eventually split his businesses with Anil Ambani taking power and telecom while Mukesh Ambani has taken the oil and petrochemical businesses, the rift continued over a business commitment between the two.

The Supreme Court had held Anil Ambani in contempt in February, warning that he and two Reliance Communications employees will be sent to prison if they fail to clear Ericsson's dues by March 19.

Also Read: NATIONAL NEWS