INSUBCONTINENT EXCLUSIVE:
Anil Ambani and others breached their undertaking, the court said.Shares of Reliance Group companies came under selling pressure after the
Supreme Court found its promoter Anil Ambani guilty of contempt in Ericsson case
Reliance Communications (RCom) fell as much as 9.46 per cent to Rs 5.45 on the BSE
Reliance Infrastructure declined 8.75 per cent to Rs 111.50, Reliance Capital plunged 10.26 per cent to Rs 135.95, Reliance Power slumped
5.53 per cent to Rs 10.25, Reliance Naval and Engineering dropped 8.56 per cent to Rs 8.22 and Reliance Home Finance tumbled 4.26 per cent
to Rs 24.70, after the Supreme Court ruling.The Supreme Court said that Anil Ambani will go to jail for three months if he doesn't pay Rs
453 crore to Ericsson India within four weeks
The court tore into the Reliance Group chairman for a "cavalier attitude" and fined him and two of his directors Rs 1 crore each."Anil
Ambani and others breached their undertaking," the court said, calling it "willful disobedience" of its order that they should repay Swedish
telecom equipment maker Ericcson.In a statement, a Reliance Communication Limited spokesperson said: "We respect the Supreme Court judgement
The RCOM Group shall comply with the same."Ericsson India signed a seven-year deal with RCom in 2014 to manage and operate its network
Last year, it went to the Supreme Court against Anil Ambani's company over unpaid dues of Rs
550 crore.(With agency inputs)Disclaimer: TheIndianSubcontinent has been sued for 10,000 crores by Anil Ambani's Reliance Group for its
coverage of the Rafale deal
