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RCOM requests approval from lenders to release Rs 2.6 billion to Ericsson

February 21, 2019
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Reliance Communications (RCOM) has requested for an urgent approval from its lenders to release Rs 2.6 billion of Income Tax refund directly to Ericsson.

This move comes after the Supreme Court (SC) directed RCOM and its subsidiaries Reliance Infratel and Reliance Telecom to pay Rs 4.53 billion to Ericsson within four weeks (apart from the Rs 1.18 billion deposited by RCOM in the SC’s registry), failing which the Chairmen of these companies, , would be sent to jail for three months. In addition, the SC also directed RCOM, Reliance Infratel and Reliance Telecom to deposit Rs 10 million each in the SC’s registry in four weeks.

The SC also observed that RCOM’s undertaking to pay Ericsson was not conditional and was not linked to the disposal of any specific assets to Reliance Jio Infocomm Limited or any other entity. It stated that the operator had the money but chose not to pay.

In reply, RCOM stated that it could pay back Rs 2 billion to Ericsson within four weeks.

 
 
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