NEW DELHI, Feb 25 (AFP): India's top court told billionaire tycoon Anil Ambani on Wednesday he must pay his debts to Sweden's Ericsson or go to jail, the latest twist in a saga that has brought his telecom company to its knees.
Ambani's Reliance Communications is some $4 billion dollars in debt after a brutal telecom price war with his brother Mukesh-India's richest man.
Judges found Anil Ambani, 59, had refused to pay telecom giant Ericsson 5.5 billion rupees ($77 million) as previously ordered by the Supreme Court.
They ruled the billionaire will be jailed for three months if 4.5 billion rupees are not stumped up within four weeks.
Ambani's firm said it will comply with the ruling and pay the debt. Some 1.0 billion rupees have already been deposited with the court, which said the sum will be handed to Ericsson.
Court orders Indian tycoon to pay debt or go to jail
FE Team | Published: February 25, 2019 22:57:54
Court orders Indian tycoon to pay debt or go to jail
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