Cricket World Cup 2019

Business Companies 07 Jan 2019 Rcom lashes out at E ...

Rcom lashes out at Ericsson for sensationalising issues

FINANCIAL CHRONICLE
Published Jan 7, 2019, 10:32 am IST
Updated Jan 7, 2019, 10:32 am IST
Ericsson has moved the Supreme Court against RCom seeking Anil Ambani's arrest for his failure to clear Rs 550 crore debt.
The Supreme Court has not even considered the matter till date.
 The Supreme Court has not even considered the matter till date.

New Delhi: Reliance Communications on Sunday lashed out at Ericsson alleging that the Swedish telecom equipment maker is trying to sensationalise issues over the pendency of spectrum sharing deal between RCom and Jio, which made the Anil Ambani company incapable of paying Rs 550 crore dues to them.

Ericsson has moved the Supreme Court against RCom seeking Anil Ambani's arrest for his failure to clear Rs 550 crore debt. It has also petitioned for contempt proceedings against the RCom chairman and two others, and their detention ‘in civil prison' unless they make the payment.

 

“It is deeply regrettable that Ericsson India, an operational unsecured creditor, is attempting a trial by media and sensationalising issues. The recent contempt petition filed by Ericsson, as referred in media reports last week, has not even been served on RCom as of date, and yet Ericsson is widely sharing the same with media and distorting issues.

“The Supreme Court has not even considered the matter till date. Ericsson’s conduct as an unsecured creditor is at the cost of secured lenders comprising 38 banks/other institutions”, a RCom spokesperson said.

RCom has taken all required steps towards enabling the settlement and remains fully committed to make the payment to Ericsson from the proceeds of spectrum sale. As the DoT’s approval is pending since August 7, 2018, RCom has moved a contempt petition against it before the Supreme Court, which is listed on January 7, 2019.

DoT could not give no-objection certificate to the deal as Jio, prospective owner of RCom wireless assets refused to take past liabilities of the company over judicial cases and other payments due and wrote a letter to DoT for this leading to the government rethinking over approval.

RCom submitted a corporate guarantee of Rs 1,400 crore to DoT as sought by the government.

...
Location: India, Delhi, New Delhi


Cricket World Cup 2019


ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT