Anil Ambani, the chairman of Reliance Communications on Wednesday was found guilty of the contempt charges filed against him by the Swedish Telecom giant Ericsson by the Supreme Court over the non-payment of Rs 550 cr dues to the Swedish company.
The Supreme court bench of justices R F Nariman and Vineet Saharan asked Ambani has asked the RCom chairman to pay the dues of Rs 453 cr within a stipulated time period of four weeks otherwise he will have to face a sentence for 3 months.
The aftereffects of the court decision were clearly visible as the RCom shares dropped by 9.2 per cent which is equivalent to Rs 5.45.
Apart from Anil Ambani, Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani were also found guilty in the contempt case for the breach of undertaking given by Reliance group for the payment of dues to the Swedish giant.