Mumbai: The Chairman of Reliance Communications, Anil Ambani has expressed thanked Reliance Industries Chairman, Mukesh Ambani and Nita Ambani for their support regarding payment of dues to Ericsson as all the RCOM’s outstanding to the Swedish company stand cleared.
“The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Supreme Court,” an RCOM spokesperson said.
Acknowledging his elder brother and RIL Chairman Mukesh’ support, Anil D. Ambani, Chairman, RCOM, said: “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 our strong family values by extending this timely support.”
“I and my family are grateful we have moved beyond the past, and are deeply grateful and touched with this gesture,” he added.
Earlier, The Supreme Court held Reliance Communications (RComNSE 10.00 %) chairman Anil Ambani in contempt for not paying Ericsson’s dues worth Rs 550 crore despite having the money to do so, threatening to send the businessman to jail for three months if he didn’t cough up what was owed in four weeks. The stock tumbled after the decision.
Brother Anil Ambani express thanks to Mukesh, Nita for saving him from going to jail:
The Rs 118 crore already deposited by RCom with the top court will be paid to Ericsson in a week, said the bench led by Justice RF Nariman. Since the amount to be paid has been calculated at Rs 571 crore along with interest, the amount due in four weeks is Rs 453 crore. The company said it would abide by the ruling. RCom’s operational creditor Ericsson had filed three contempt pleas to press for its dues.
The court observed that RCom’s undertaking to pay Ericsson was not “conditional”, contrary to the company’s claims and wasn’t linked to the disposal of any specific assets to Mukesh Ambani-led Reliance Jio Infocomm or other entity.
Besides, it had the money but chose not to pay, said the bench, which also comprised Vineet Saran. The court gave RCom and associated companies another chance to “purge” themselves of contempt by paying the settlement amount plus interest.
If they don’t do so, Anil Ambani and the chairmen of RCom units Reliance Infratel and Reliance Telecom-Chhaya Virani and Satish Seth-will be jailed for three months, the court said.
US ditches Indian currency money from monitoring list of trading
Washington: India has been removed from currency monitoring list of major trading by the US Treasury Department of Donald Trump administration because country has made improvements and developments.
India was placed for the first time by the US in its currency monitoring list of countries according to report in October 2018, the Treasury had said that India has made improvements and its name have been removed from the currency manipulation list in the next report.
Along with India other nation such as Switzerland has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.
In latest semi-annual report on Macro Economic and Foreign Exchange policies of major trading partners of the US sent to the Congress the Treasury department said, “India has been removed from the monitoring list in this report, having met only one out of three criteria-a significant bilateral surplus with the US-for two consecutive reports.”
Further adding to this he said, “Neither Switzerland nor India met the criteria for having engaged in persistent, one-sided intervention in either the October 2018 report or this report. Both Switzerland and India have been removed from the monitoring list,” along it’s report running into over 40 pages.
US trumps Indian currency money from monitoring list of trading:
With new names on the list who added are Italy and Ireland from European Union (EU) and three Southeast Asian countries-Singapore, Malaysia and Vietnam.
The Department’s Currency which published report on May 28 says even 2 out of 3 measures for currency manipulation were tightened US again decided not to label China or any other country as a currency manipulator.
In report Philip Wee, forex strategist at DBS Group Research said, “Washington’s restraint in not labeling China a currency manipulator was a relief.
Unfortunately, this would not be enough to offset the China-US trade tensions weighing on currencies.”
Meanwhile, Indian currency on Tuesday opened at 69.75 against the dollar, weaker than 69.6850 on close.