Indian billionaire risks jail over missed Ericsson payments

Thursday, 21 February 2019 07:00

An Indian billionaire has been threatened with a prison term, unless he pays money owed to a telecoms company.

Anil Ambani was involved in a failed deal between his company Reliance Communications (RCom) and telecoms giant Ericsson.

Ericsson is owed 5.5bn rupees (£59.3m) by RCom under the terms of an agreement to manage and operate its network.

RCom failed to comply with an order from India's Supreme Court to pay the money by 15 December last year.

The court has now said Mr Ambani will be jailed for three months unless he pays.

It found him guilty of contempt, giving him another four weeks to pay or else go to prison.

Listener Club

Get more with the Listener Club!

Remix Saturdays

Every Saturday evening we turn to remixes of hit songs to get you in the Saturday night party mood! Every Saturday between 5pm - 8pm
The Golden Era

The golden era of Bollywood celebrated in this weekly show full of classics taking you back in time. Every Sunday between 5pm - 7pm
Alim OnAir

Have you a question about the religious, cultural or tradition aspect of Islam? Then join Hazrat Maulana Fazal Dad in the weekly show every Friday between 8-9pm.
Legal Show

Once a fortnight we dedicate a show to discussing legal issues and family / matrimonial law in particular. Alternate Friday mornings between 9am-11pm.