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Lenders oppose Reliance Communications' plea for release of Rs 260 crore to Ericsson

Updated : February 27, 2019 08:06 PM IST

The lenders on Thursday opposed Anil Ambani-led Reliance Communications' (RCom) plea in the National Company Law Tribunal (NCLAT) for the release of about Rs 260 crore lying in its bank account to Ericsson India.

Earlier, RCom has sought approval from its lenders and NCLAT to release Rs 260 crore income tax refunds to clear dues of Swedish telecom gear maker.

Last week, the Supreme Court held RCom chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crore to Ericsson India. The court said they would face a three-month jail term if Rs 453 crore was not paid to the telecom equipment maker in four weeks.

"Reliance Communications group has requested urgent approval from its lenders to release approximately Rs 260 crore received from Income Tax refunds, lying in its bank account, directly to Ericsson," RCom spokesperson said in a statement.
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