Reliance Communications (RCom), which must pay Rs 453 crore to Ericsson by Tuesday to save chairman Anil Ambani from a Supreme Court-ordered jail term, was facing more legal woes over pending payment.
An arbitral tribunal has asked the telecom operator and a subsidiary to furnish bank guarantees totalling Rs 16.43 crore to Bharti Infratel on a dispute over terminating contracts with the tower firm in 11 telecom zones. In a separate development, Bharat Sanchar Nigam is set to approach the bankruptcy court to recover some Rs 700 crore in dues.
Brothers will indeed be brothers, a friend in need, finally Mukesh Ambani on Monday stepped in to save younger brother Anil from prison by helping him clear the Rs 453 crore Reliance Communications owed Ericsson.
An arbitral tribunal has asked the telecom operator and a subsidiary to furnish bank guarantees totalling Rs 16.43 crore to Bharti Infratel on a dispute over terminating contracts with the tower firm in 11 telecom zones. In a separate development, Bharat Sanchar Nigam is set to approach the bankruptcy court to recover some Rs 700 crore in dues.
Brothers will indeed be brothers, a friend in need, finally Mukesh Ambani on Monday stepped in to save younger brother Anil from prison by helping him clear the Rs 453 crore Reliance Communications owed Ericsson.
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