In a dynamic turn of events, Mukesh Ambani yesterday extended helping hand to his younger brother Anil Ambani ending the coldness in the relations which came after the two brothers demerged their family business following the death of their father.
The help from Mukesh Ambani came at eleventh hour and saved RCom chairman from major embarrassment and a three month jail term. On February 20 the supreme court directed the RCom to pay its outstanding debt to Swedish telecom major Ericsson and said if the company is not able to pay dues in the next four weeks its chairman-Anil Ambani would lend in jail. The last day to pay the dues was 19th March.
On receiving the help from Mukesh Ambani, Anil Ambani thanked him saying, “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture.”
Case between Reliance communications and Ericsson–
In the debt payment case between Reliance Communications and Ericsson a two judge bench comprising of R F Nariman and Vineet Saran held the three ( Anil Ambani and two top executives) guilty of contempt of court and imposed ₹1 Crore fine on each and also directed that nonobservance of its orders that will lead to one month jail to them. The bench in its judgement also directed RCom to pay ₹453 Crore dues to Ericsson within a stipulated time of four weeks or three of them will be awarded with 3 months jail.
The other two directors are Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani.
It also stated that the amount of ₹118 crore, already deposited by Reliance Group (ADAG) in the apex court’s registry, will be disbursed to Ericsson.
The help from Mukesh Ambani may have saved the younger brother and but still their are lots of hurdles still in the way of beleaguered telecom company and its chairman.