In an extraordinary gesture, Mukesh Ambani extended ‘timely support’ to his younger brother Anil Ambani by helping him pay the Swedish company Ericsson Rs 550 crore, avoiding jail sentence in a contempt of court case.
This was after it was reported that Anil Ambani’s Reliance Communications had paid Rs 453 crore to Ericsson India, as instructed by the Supreme Court last month to avoid four weeks of jail sentence. New agency ANI quoted a spokesperson from Reliance Communication as saying, “The requisite payment of Rs. 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Hon’ble Supreme Court.”
Mukesh Ambani-owned News18 quoted a statement from Anil Ambani, who profusely thanked his elder brother for bailing him out of the misery. The statement read, “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 their strong family values by extending this timely support. I and my family are grateful and deeply touched with their gesture.
The incredibly gesture shown by Mukesh Ambani despite their strained relationship is indeed touching. This assumes significance since Anil Ambani had sent legal notices and even warned of criminal proceedings against companies owned by Mukesh Ambani and others involved in the transfer of shares of new companies formed from Reliance Industries.
The Supreme Court last month found billionaire businessman guilty of contempt on a plea filed by Ericsson India. The highest court of India had also found his two directors guilty for not clearing its dues of Rs 550 crore to the Swedish company.
The Supreme Court bench comprising Justices RF Nariman and Vineet Saran had told Ambani, who’s a close friend of Prime Minister Narendra Modi, to clear the dues to Ericsson within four weeks to purge contempt. The top court had also told him to be prepared to go to jail if he failed to clear the dues of Rs 453 crore within the next four weeks.
The court also fined he three Reliance Companies, namely RCom, Reliance Telecom and Reliance InfraTel Rs one crore each after holding them guilty of contempt as well.