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SC holds Anil Ambani guilty of contempt, give month to pay dues to Ericsson or face jail

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[vc_row][vc_column][vc_column_text]Reliance Communications (RCom) chairman Anil Ambani and two directors in his company were today (Wednesday, Feb 20) held guilty of contempt by the Supreme Court for failing to pay Rs 550 crore dues owed to Swedish telecom giant Ericsson despite court orders and their undertaking to the court.

A bench of justices RF Nariman and Vineet Saran asked Ambani and the two directors to pay Rs 453 crore to Ericsson within four weeks, failing which they would face three months’ jail term.

The court also imposed a fine of Rs 1 crore each on them and if the amount is not deposited within a month, then 1-month jail will be awarded. The other two directors are Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani.

It directed that Rs 118 crore already deposited by Reliance Group in the apex court’s registry be disbursed to Ericsson within a week.

The Court further held that the unconditional apology given by Reliance cannot be accepted, in light of its cavalier attitude towards the highest Court of the land.

RCom shares price dropped as much as 9.2 per cent to Rs 5.45 after the court order.

The court had reserved its judgment last week after hearing the two sides, during which senior advocate Dushyant Dave, representing Ericsson India in the case, had invoked the Rafale deal to target Ambani.

“They have money for Rafale. Somebody who is getting involved in every conceivable project has no money to pay Rs 550 crore to us and honour this Court’s order,” he told the bench. This was opposed vehemently by senior advocate Mukul Rohatgi, representing Anil Ambani

“To say that Anil Ambani gave a personal undertaking and that it was unconditional is a travesty of justice … It was conditional,” Rohatgi said. Rohatgi told the bench that the sale which was expected to net Rs 18,100 crore brought in only Rs 780 crore.

Dave submitted that this money from the sale was given to the Department of Telecommunications instead of Ericsson. Rohatgi replied that lenders had done this to keep the telecom licence alive as without that, there would be nothing.

He told the top court that with the failure of its assets sale deal with elder brother Mukesh Ambani-led Reliance Jio, Anil Ambani’s company has entered insolvency proceedings and is not in control of the funds.

RCom had told the court they had tried to move “heaven and earth” to ensure Ericsson gets its due but was unable to do so due to failure of assets sale deal with Jio.

However, the Supreme Court Bench slammed Ambani for his “cavalier attitude” and “wilful disobedience” of the court’s earlier orders to pay the dues Reliance Communication owed to Swedish telecom Ericsson company.

The court said it wasn’t sending Ambani to jail straight away, despite finding him guilty of contempt and willful disobedience of its orders because the bench felt that “the contempt can be purged by clearing the payments with interest.”

CJI Gogoi sacks two SC officials for changing order on contempt case against Anil Ambani

The Bench dismissed their “unconditional apology” for disobeying the orders of the highest court of the country.

“RCom had no intention to abide with the undertakings… Undertakings were false to the knowledge of the RCom and group companies. This amounts to contempt of court,” Justice Nariman said while reading out the judgment.

The contempt petition was filed by Ericsson, contending that Reliance had committed gross contempt by disobeying orders of the Supreme Court, which had directed it to pay Rs. 550 crores to Ericsson towards settlement of dues.

On August 3, the Supreme Court had ordered that the payment of Rs. 550 crore be made on or before September 30.

Subsequently, Reliance sought an extension of time for making the payment, which was allowed by the Supreme Court. On October 23, the Court said that as a “last opportunity”, it will allow Reliance to make the payment along with interest before December 15, 2018.

Before the expiry of the said date, Reliance once again filed an application for extension of the deadline, but the same was withdrawn on December 14 after it realized that the Court was not inclined to entertain the application.

Ericsson thereafter sought the initiation of contempt proceedings against Reliance Communications and Anil Ambani for violation of the Supreme Court orders of August 3 and October 23.

In the petition filed through advocate Bhargava V Desai, Ericsson had prayed that Anil Ambani, Chairperson of Reliance Communications, be detained in civil prison till the dues along with interest are cleared.[/vc_column_text][/vc_column][/vc_row]

India News

SBI has given Rs 21,000 crore loan to Adani Group, nothing to worry about, says SBI Chairman

After the cancellation of the FPO by the Adani Group, the company’s shares recorded a decline on Thursday as well

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SBI has given Rs 21,000 crore loan to Adani Group, nothing to worry about, says SBI Chairman

India’s largest government bank State Bank of India (SBI) has given a loan of Rs 21,000 crore ($ 2.6 billion) to Adani Group firms. This amount is half of what the State Bank of India is allowed to lend under the rules. This has been revealed in a report that came on Thursday.

It has been said in the report that the money given by SBI to Adani also includes $ 200 million from its foreign units. SBI Chairman Dinesh Kumar Khara said on Thursday that Adani group companies affected by the turmoil are servicing loans and he does not see any immediate challenge to what the bank has lent so far. Bloomberg has shared this information citing a source.

On Thursday, SBI shares were trading almost flat at Rs 527.75 on the BSE. After a report by US-based firm Hindenburg, there was a tremendous loss of market capitalization to Adani Group companies. According to a report, Adani Group companies lost $100 billion in market capitalization in a week after Hindenburg’s report. In this report of Hindenburg, questions were raised on the financial functioning of Adani Group companies.

After this report came out, there has been a huge fall in the shares of Adani Group. However, the Gautam Adani-led Adani Group called these allegations baseless and misleading. He claimed that in this report an attempt has been made to mislead the public. Adani Group had also talked about taking this matter to the court.

RBI seeks reports from Public Sector Banks on loan to Adani Group companies

On Thursday the Reserve Bank of India has sought information from all the public sector banks on how much loan they have given to Adani Group companies. News agency Reuters has given this information.

According to a Reuters report, the information sought by the RBI includes the list of properties of the Adani Group which have been considered as collateral for the loan. Apart from this, a list of indirect risks of banks in Adani Group has also been sought.

SBI Chairman Dinesh Kumar Khara told Reuters last week that there was nothing to worry about the risks with the Adani Group. He had said that Adani Group has not taken any funds from the bank in the recent past.

An organisation named Societe Generale said on Wednesday that Adani Group has only 0.6 percent exposure to the Indian banking sector.

After the cancellation of the FPO by the Adani Group, the company’s shares recorded a decline on Thursday as well. After this, the market loss of this giant company has gone up to 100 billion dollars.

On Thursday, the stock of Adani Enterprises fell nearly 20 per cent, reaching its lowest level since March 2022. Other companies of this group were also seen under pressure. Adani Ports and Special Economic Zone were down 5 per cent each, while Adani Total Gas, Adani Green Energy and Adani Transmission were down 10 per cent each.

If we talk about Punjab National Bank, then the total exposure of this bank in Adani Group is Rs 7,000 crore.

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Delhi news

AAP used Delhi liquor scam money to fund Goa campaign: Enforcement Directorate

Delhi Chief Minister Arvind Kejriwal’s Aam Aadmi Party (AAP) allegedly used money generated from a purported liquor scam to fund its election campaign in Goa in 2022, the Enforcement Directorate (ED) alleged in a chargesheet filed in the case on Thursday.

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Delhi Chief Minister Arvind Kejriwal

Delhi Chief Minister Arvind Kejriwal’s Aam Aadmi Party (AAP) allegedly used money generated from a purported liquor scam to fund its election campaign in Goa in 2022, the Enforcement Directorate (ED) alleged in a chargesheet filed in the case on Thursday.

In the chargesheet, the ED has claimed that investigation trail in the Delhi liquor scam case has revealed AAP used part of the funds generated in the scam for its poll campaign in Goa.

AAP managed to win two seats in the Goa Assembly elections.

The ED chargesheet claimed that Rs 70 lakh in cash payments were made to volunteers of AAP’s survey teams, adding that party’s communications chief Vijay Nair allegedly told “certain persons” who were involved in AAP’s campaign related work, to receive payments in cash.

The probe agency’s chargesheet has further alleged that, on AAP’s behalf, Nair received over Rs 100 crore in payments from a group comprising of YSRCP MP Magunta Sreenivasulu Reddy, his son Raghav Magunta, Aurobindo Pharma director P Sarath Chandra Reddy and Telangana CM KCR’s daughter Kavitha Kalvakuntla.

The ED further alleged that Abhishek Boinpally, a Hyderabad-based businessman, in conspiracy with Delhi Deputy Chief Minister Manish Sisodia’s aide Dinesh Arora had facilitated the transfer of the kickback money.

Read Also: Hindenburg effect: RBI seeks info from banks of exposure to Adani Group

The central agency also filed a supplementary chargesheet in the case against AAP’s Vijay Nair, businessmen Sarath Reddy, Binoy Babu, Abhishek Boinpally and Amit Arora. The chargesheet, which was produced before Delhi’s Rouse Avenue Court today, did not include Manish Sisodia’s name.

Further investigation in the case is ongoing, the ED told the court.

In a statement, AAP chief Arvind Kejriwal said the allegations levelled by the ED as “completely fictional”.

The liquor scheme came to the fore after Delhi L-G Vinai Kumar Saxena alleged irregularities in the implementation of Delhi’s Excise Policy 2021-22 and recommended a CBI probe into the matter.

The alleged scam also came under the ED’s radar who are probing a money trail it generated.

In July 2022, AAP government junked the Delhi Excise Policy, which was implemented in November 2021.

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Uttar Pradesh: Two Muslim children tied to tree, beaten up over allegations of molestation | Watch

The man can also be heard using Islamophobic slurs as he continuously beat up the children with kicks and punches.

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A harrowing story has come to light from Uttar Pradesh’s Barabanki district where two Muslim children were tied to a tree and mercilessly beaten up by locals over allegations of molesting. According to reports, the man who accused the two children and assaulted them has been identified as Triloki.

It was reported that the two children had come to the area to pluck leaves from the trees to feed their goat, however, the local man after noticing the 2 children plucking trees suspecting them of molesting her daughter after which he accused them of molestation.

Tiloki tied the two minors to a tree and viciously assaulted the two children, as the video of the spine-chilling incident went viral.

In the video, two children can be seen getting tied to a tree as the two children can be seen brutally assaulted by a man. The man can be seen repeatedly beating up the two children while other locals continue to tie the children.

The man can also be heard using Islamophobic slurs as he continuously beat up the children with kicks and punches.

Read Also: 5 bogies of Satyagraha Express detach from engine in Bihar, no injuries reported | WATCH

Watch video here:

According to reports, after the father of the two children got to know what was happening to his children, he rushed to the place and rescued his children. The father rushed to the Barabanki police station and filed a complaint against Triloki and others who were assaulting his children.

Police action

After learning about the incident, the police registered an FIR and arrested Triloki in the matter whereas 2 others are still absconding, suggest reports.The police are further investigating the case.

Twitter reactions

After the video of the incident went viral, many users came forward to add their take on the incident as one user wrote that the country is turning into a horror story and further wrote that now they don’t feel like living in this country anymore owing to the communal atmosphere.

One user also wrote and said that the actions by the man were sadistic and grievous, however, the user further added that it is not a surprise although as the news is coming from Uttar Pradesh.

One user also wrote that this incident is terrible and further wrote that such incidents in India have brought shame to the country yet again.

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