The developer group of Reliance Infrastructure, Reliance Power and Reliance Capital, led by the family of Anil Ambani and its companies, obtained a total dividend of Rs 517.74 crore since Ericsson took the company to court for unpaid fees. Anil Ambani’s trusted communications have to pay the Ericsson Rs 550 crore. Including the interest, the total installments amount to 571 crore.
A portion of the money owed will be paid with the reimbursement of the Rs 118 crore income tax that Reliance Communications deposited in the Supreme Court on January 9, 2019. The vertex court has already ordered the court registry to pay this money to Ericsson in a week.
Meanwhile, Reliance Communications Group requested urgent approval from its lenders to issue close to Rs. 260 million received from Rs 260 as income tax refunds, which are found in the bank account of the lenders, directly to Ericsson. Anil Ambani would still have to pay a remaining amount of Rs 193 crore to Ericsson in the next four weeks.
It remains to be seen if the dividend earnings are used to pay the remaining amount. In the last three financial years, the Reliance Power, Reliance Infrastructure and Reliance Capital developer group obtained a total dividend of Rs 967.57 crore.
In fact, Reliance Capital, through an exchange file, has hinted that there is a roadmap to reimburse Ericsson, without referring to the dividend.
“RCOM expects to increase the balance of approximately Rs. 200 crore for the payment to Ericsson, so that all of the ratings of Rs 550 plus the corresponding interest will be paid to Ericsson within the period of 4 weeks allowed by the Supreme Court. Supreme, “The spokesman for Reliance Communication said earlier this week after the SC verdict.