Mukesh Ambani bails brother out of jail trouble by paying dues

Anil Ambani's Reliance Com pays Rs 460 crore to Ericsson, day before deadline

Meanwhile, in a regulatory filing, the company said the deal to sell RCom assets to Reliance Jio Infocomm has been called off.

In the statement, RCom said Rs 550 crore dues to Ericsson, including interest dues, has been made in compliance with the Supreme Court judgement.

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.

"My honest 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 our strong family values by extending this timely support", he said in a statement from Reliance Communications. "I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture", he said in a brief statement issued through the company spokesperson. While the divergence in fortunes of the two brothers since the split has been evident to the world for many years now, it was underlined in the starkest possible terms yet by Anil's statement saying, "My honest 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 our strong family values by extending this timely support".

The threat of a prison term to Anil Ambani also came as a rare warning to some of India's richest borrowers whose firms have turned defaulters.

Ambani's net worth has shrunk to about $300 million from at least $55 billion in 2008, according to data compiled by Bloomberg, as his telecom to power and infrastructure ventures struggle to deal with debt by selling assets and fending off creditors.

The split did not end the feud and the two bickered over commitment of Mukesh' Reliance Industries for supply of gas to Anil's power plants.

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. The Swedish equipment maker's relentless legal pursuit led to a settlement under which RCom was to pay half of the past claims, or 5.5 billion rupees - an offer backed by a personal guarantee from Anil Ambani. The National Company Law Appellate Tribunal, in a ruling March 15, said it can't direct banks to release the amount.

In 2017, Ericsson moved a bankruptcy court alleging it had not been paid dues around Rs 1,600 crore after signing a deal in 2013 to operate, maintain and manage the telco's nationwide network. Faced with prison time, Anil Ambani had promised to pay back, but things have not gone his way over the past few weeks.

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