Billionaire Industrialist Anil Ambani will go to jail for three months if he does not pay Rs 453 crores to Erission within four weeks, ruled Supreme Court of India.
Eriksson has approached Supreme Court seeking intervention for violation of contract by Ambani . They pleaded before the court that Ambani had no money to pay them but had billions to invest in Raffale.
The Supreme Court was also angry on “cavalier attitude” of Ambani and asked to pay additional Rs 1 crore to the Supreme Court registry.
“Anil Ambani and others breached their undertaking,” the court said, calling it “willful disobedience” of its order. Swedish telecom equipment maker Ericsson had gone to the Supreme Court against Anil Ambani’s company for not clearing dues.
Anil Ambani had told the top court that with the failure of its assets sale deal with elder brother Mukesh Ambani-led Reliance Jio, his company has entered insolvency proceedings and is not in control of the funds.