Reliance communications

Another RCom unit — Bermuda-incorporated Global Cloud Xchange, which houses the undersea cable business — is not part of the insolvency proceedings.

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Reliance and Maxis would each hold a percent stake in the merged entity, with equal representation on its board of directors and committees. Updated: Jul 23, , Lenders may Move Court if Ericsson Refuses If Ericsson refuses to refund the sum, the lenders may explore legal options, the sources said. Ericsson had been battling RCom in court for over 18 months before it finally got a favourable order and received its dues. These people said this was an outright payment by the RIL chairman and not a loan. Hence, the payment to the Swedish company ahead of other secured financial creditors — such as banks — was in violation of the insolvency law, the sources claimed. This arrangement was a smooth business relationship until , post which RCom struggled to pay the dues. The new entity named as Reliance Digicom. This has been seen as an impact of Reliance Jio that disrupted the Indian telecom industry with its aggressive pricing after its commercial launch in September that affected all leading telecom players. Ericsson filed a contempt petition in Supreme court.

Ericsson later claimed RCom was allowing itself to be subjected to insolvency proceedings to avoid paying it. RComm failed to comply with the payment and sought an extension of 60 days to comply.

Financial creditors have claimed as much as Rs 85, crore as dues from RCom and two of its arms — Reliance Telecom and Reliance Infratel — after the companies were admitted for insolvency proceedings.

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The parent and the two units collectively house spectrum, domestic fibre assets and telecom towers. At the same time, RComm reached out to Ericsson and agreed to pay Rs crore as a settlement with a personal guarantee from Anil Ambani on the condition of withdrawal of insolvency proceedings.

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Lenders may Move Court if Ericsson Refuses If Ericsson refuses to refund the sum, the lenders may explore legal options, the sources said. In February , the Supreme court has held Anil Ambani and three others guilty of contempt of court and directed them to make payments by 19 March. The deal, the largest consolidation in Indian telecommunication history, would have created the fourth-largest mobile network operator in the country in subscribers and revenue. Ericsson filed a contempt petition in Supreme court. RComm failed to comply with the payment and sought an extension of 60 days to comply. The assurance was backed by a personal guarantee from Anil Ambani. Another RCom unit — Bermuda-incorporated Global Cloud Xchange, which houses the undersea cable business — is not part of the insolvency proceedings. The new entity named as Reliance Digicom. Reliance and Maxis would each hold a percent stake in the merged entity, with equal representation on its board of directors and committees.

SSTL shareholders approved the merger on 18 March This has been seen as an impact of Reliance Jio that disrupted the Indian telecom industry with its aggressive pricing after its commercial launch in September that affected all leading telecom players.

The assurance was backed by a personal guarantee from Anil Ambani. In this case, Ericsson qualifies as an operational creditor since it provided services to RCom. This arrangement was a smooth business relationship untilpost which RCom struggled to pay the dues.

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A source close to the company said the payment had been received as part of contempt proceedings filed by Ericsson against RCom in the apex court, after the latter refused to honour payments for services rendered to it. The deal, the largest consolidation in Indian telecommunication history, would have created the fourth-largest mobile network operator in the country in subscribers and revenue. This has been seen as an impact of Reliance Jio that disrupted the Indian telecom industry with its aggressive pricing after its commercial launch in September that affected all leading telecom players. In the meantime, Mukesh Ambani, the elder brother of Anil helped him with a bailout of crores which he paid just a day before the deadline on 18 March. Lenders may Move Court if Ericsson Refuses If Ericsson refuses to refund the sum, the lenders may explore legal options, the sources said. These people said this was an outright payment by the RIL chairman and not a loan. RComm failed to comply with the payment and sought an extension of 60 days to comply. In February , the Supreme court has held Anil Ambani and three others guilty of contempt of court and directed them to make payments by 19 March. Ericsson eventually dragged RCom to the Supreme Court after the latter reneged on its promise. The assurance was backed by a personal guarantee from Anil Ambani. Another RCom unit — Bermuda-incorporated Global Cloud Xchange, which houses the undersea cable business — is not part of the insolvency proceedings.

Ericsson had been battling RCom in court for over 18 months before it finally got a favourable order and received its dues.

In Februarythe Supreme court has held Anil Ambani and three others guilty of contempt of court and directed them to make payments by 19 March.

Reliance communications

RCom had shut its wireless telephony services business last year. On 29 December , Reliance discontinued voice services in India and would provide only 4G data service. Updated: Jul 23, , The company had filed an application to take RCom to insolvency proceedings in May last year to recover dues, but agreed to halt the legal action after the telco promised an upfront payment. The trio was instructed to make the payment or face a jail term. Reliance would continue to operate in the enterprise segment and data-center businesses as a standalone company. At the same time, RComm reached out to Ericsson and agreed to pay Rs crore as a settlement with a personal guarantee from Anil Ambani on the condition of withdrawal of insolvency proceedings. A source close to the company said the payment had been received as part of contempt proceedings filed by Ericsson against RCom in the apex court, after the latter refused to honour payments for services rendered to it. Ericsson later claimed RCom was allowing itself to be subjected to insolvency proceedings to avoid paying it. Ericsson had been battling RCom in court for over 18 months before it finally got a favourable order and received its dues. Lenders may Move Court if Ericsson Refuses If Ericsson refuses to refund the sum, the lenders may explore legal options, the sources said. SSTL shareholders approved the merger on 18 March In February , the Supreme court has held Anil Ambani and three others guilty of contempt of court and directed them to make payments by 19 March. The deal, the largest consolidation in Indian telecommunication history, would have created the fourth-largest mobile network operator in the country in subscribers and revenue. The new entity named as Reliance Digicom.
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