Fully committed to make the payment to Ericsson: Reliance Communication

Anil Ambani owned Reliance Communication today said that it remained "fully committed" to make the payment to Ericsson from the proceeds of the Spectrum sale.

"RCom has taken all required steps towards enabling the settlement and remains fully committed to making the payment to Ericsson from the proceeds of the spectrum sale," the company said.

It said that it is deeply regrettable that Ericsson India Private Limited (Ericsson), an operational unsecured creditor, is attempting a trial by media and sensationalizing issues, as evidenced in recent media reports.

The recent contempt petition filed by Ericsson, as referred in media reports last week, has not even been served on RCOM as of date, and yet Ericsson is widely sharing the same with media and distorting issues.

"Needless to say, the Hon'ble Supreme Court has not even considered the matter till date," Reliance Communications Limited (RCOM) spokesperson said.

"The Department of Telecom (DoT) approval is pending since August 7, 2018, for which RCom has moved a contempt petition against DoT before the Supreme Court which is listed on Monday, January 7, 2019," RCom spokesperson further said.

Ericsson's conduct as an unsecured creditor gravely endangers and is at the cost of secured lenders comprising 38 banks/secured creditors including 17 public sector banks and 13 foreign banks

This statement comes after PTI reported that Ericsson India moved the Supreme Court seeking initiation of contempt proceedings for the second time against Anil Ambani for allegedly not complying with its order to clear dues of Rs 550 crore.