close

News WrapGet Handpicked Stories from our editors directly to your mailbox

SC directs RCOM to pay Ericsson Rs 550 cr with interest

The court also imposed a fine of Rs 1 crore each on RCOM, Reliance Telecommunication and Reliance Infratel that would be deposited with the Supreme Court Legal Services Committee (SCLSC). 

SC directs RCOM to pay Ericsson Rs 550 cr with interest
The court said that the entire amount that RCOM has to pay to Ericsson is Rs 550 crore plus the interest that was generated. Reuters
Written By: IANS
Updated: Wed, Feb 20, 2019
02:10 pm
New Delhi, , IANS
RELATED NEWS
Delhi Metro Phase-IV: SC tells Centre, AAP govt to bear land cost equally Delhi Metro Phase-IV: SC tells Centre, AAP govt to bear land cost equally
P Chidambaram arrested by CBI at home in INX case P Chidambaram arrested by CBI at home in INX case
Real estate developers hail Supreme Court for approving financial creditor's status to homebuyers Real estate developers hail Supreme Court for approving financial creditor's status to homebuyers

The Supreme Court on Wednesday directed Reliance Communications to pay Rs 453 crore to Ericsson India within four weeks failing which its chairman will have to undergo a three-month sentence. A bench of Justice Rohinton Fali Nariman and Justice Vineet Saran directed the court`s Registry to give Ericsson Rs 118 crore that were earlier deposited by RCOM. 

The court said that the entire amount that RCOM has to pay to Ericsson is Rs 550 crore plus the interest that was generated.  The court also imposed a fine of Rs 1 crore each on RCOM, Reliance Telecommunication and Reliance Infratel that would be deposited with the Supreme Court Legal Services Committee (SCLSC). 

Watch This Zee Business Video

In case of default the Chairman of all three companies would have to undergo sentence of one month each. 

The bench ordered this as it did not accept the "unconditional apology" tendered to the court by the RCOM Chairman.