Anil Ambani avoids jail; thanks Mukesh, Nita for paying Ericsson's debt

Observing there was a 'wilful default', the Supreme Court last month held Ambani guilty of contempt of court and ordered the debt-laden company to clear the dues to Ericsson.

Billionaire Anil Ambani on Monday thanked his brother Mukesh and his wife Nita for extending "timely support" after his debt-laden firm Reliance Communication cleared payments due to a service provider just a day before expiry of deadline set by the Supreme Court.

"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 touched with this gesture," he said in a brief statement issued through the company spokesperson.

Racing against time to meet the Supreme Court's deadline, Reliance Communications (RCom) has paid Rs 458.77 crore of dues to Swedish telecom equipment maker Ericsson.

Failure to cough up the dues would have meant that RCom chairman Anil Ambani would have faced a 3-month jail term.

Observing there was a 'wilful default', the Supreme Court last month held Ambani guilty of contempt of court and ordered the debt-laden company to clear the dues to Ericsson within four weeks or face a 3-month jail term.

Photograph: Adnan Abidi/Reuters