Supreme Court Rejects RCom’s Plea Seeking More Time To Pay Ericsson
The Supreme Court today reiterated its order to Reliance Communications Ltd. in which it had asked the company to pay Rs 550 crore to Ericsson in order to proceed with the spectrum sale to Reliance Jio.
The apex court was hearing a petition filed by Anil Ambani-led RCom in which it sought the extension of Dec. 15 deadline to make the payments to Ericsson.
In October, the Supreme Court had made it clear that Dec. 15 was the last deadline for them to pay and delayed payment will attract an interest of 12 percent per annum.
The top court had earlier said that failing to pay the money may attract contempt proceedings.
In today's hearing, RCom argued that it is yet to receive the ‘no objection certificate’ that they had sought from the Department of Telecommunications for the Reliance Jio deal.
The Supreme Court had ordered the DoT to issue the NOC after RCom agreed to deposit corporate guarantee of Rs 1,400 crore.
RCom has also filed a contempt plea against the DoT for failing to issue the NOC. The contempt plea will come up for hearing in the apex court tomorrow.