New Delhi: A day after it faced SC heat over non-payment of dues to Ericsson, Reliance Communications (RCom) on Thursday sought urgent approval from its lenders to release about Rs 260-crore income tax refund lying in its bank account directly to the Swedish firm.
In a statement, RCom said it is confident of raising the remaining about Rs 200 crore for payment to Ericsson, in order to ensure that the entire amount gets paid well within the four weeks timeline set by the apex court.
The Supreme Court (SC) on Wednesday held RCom chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crore to Ericsson.
"Reliance Communications group has requested urgent approval from its lenders to release approximately Rs 260 crore received from Income Tax refunds, lying in its bank account, directly to Ericsson," a RCom spokesperson said in a statement.
The permission of lenders is crucial for the firm, which had decided to implement debt resolution plans through the National Company Law Tribunal framework, making lenders' go-ahead necessary for such payments, explained an industry observer.
