Indian tycoon Ambani pays debt after court threatened jail - News Summed Up

Indian tycoon Ambani pays debt after court threatened jail


Indian tycoon Anil Ambani has settled a multi-million debt with Sweden’s Ericsson, the company said on Monday, after judges threatened the billionaire with jail if he did not pay his dues. The Supreme Court in February found that Ambani, 59, had refused to pay telecom giant Ericsson 5.5 billion Indian rupees ($77 million), as previously ordered by India’s top court. The judges warned that Ambani would be jailed for three months if 4.5 billion Indian rupees were not stumped up within a month. The dispute with Ericsson started when the Swedish firm sought to recoup 16 billion Indian rupees from Reliance Communications. They reached a settlement last May, but the Indian company failed to meet payment deadlines.


Source: Pakistan Today March 18, 2019 17:37 UTC



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