This article is more than 2 year old.

Jio Deal: Supreme Court clears decks for RCom's settlement

Mini

The Supreme Court has cleared the decks for the Reliance Communications and Reliance Jio deal on Friday. 

The Supreme Court on Friday approved Reliance Communications' proposal for settlement with Ericsson.
The top court has directed RCom to adhere to the timeline for making the settlement payment and has directed the undertaking to be filed by Anil Ambani for the payment.
The payment for the settlement amount is to be done on or before October 1, 2018.
Ericsson on Thursday withdrew from the Reliance Communication settlement deal, an agreement under which the latter had agreed to pay Rs 500 crore to the former to resolve issues related to unpaid dues.
Ericsson signed a seven-year deal in 2014 to operate and manage RCom’s nationwide telecoms network and has not been paid for the service. The Swedish company was seeking Rs 1600 crore from RCom and two of its subsidiaries and had opposed the sale of RCom's assets to Jio.
Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

Market Movers

CompanyPriceChange%Gain
CompanyPriceChange%Gain
CompanyPriceChange%Gain
CompanyPriceChange%Gain

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.10000.24000.32
Euro-Rupee88.35600.47300.54
Pound-Rupee103.22100.89600.88
Rupee-100 Yen0.67250.00230.34