PW Bureau
RCom has also entered insolvency proceedings and has a slip chance of getting out of bankruptcy charges thanks to his elder brother’s refusal to bail him out
New Delhi: Had the elder brother Mukesh Ambani agreed to bail the younger one, Anil Ambani, out, the latter could have been on a different course, one that does not involve the possibility of going bankrupt. Courtesy a failed deal to sell company assets to elder brother Mukesh’s Reliance Jio, Reliance Communications chairman Anil, was unable to pay the dues he owes to Ericsson and the Supreme Court held him guilty of contempt. As things stand now, RCom has entered insolvency proceedings, is staring at the possibility of going bankrupt and Anil faces the possibility of arrest if he fails to clear Ericsson’s dues.
The SC, in its judgement, had observed that RCom had no intention of paying its dues to the Swedish telecom equipment maker and had also declined an apology from the company. The court imposed a Rs 1-crore fine on RCom, Reliance Telecom Ltd and Reliance Infratel Ltd. All of it because Mukesh had his qualms on bearing guarantee for his younger brother’s past debts.