RCom requests lenders to release INR 260cr received from income tax refunds

21 February 2019: With reference to the Order dated February 20, 2018 of the Hon’ble Supreme Court, directing RCOM Group to pay Rs. 550 crore to Ericsson, we enclose herewith the media release dated February 21, 2019 being issued by the Company which is self explanatory.
A Reliance Communications Limited spokesperson said:
  1. Reliance Communications group has requested urgent approval from its lenders to release approx. Rs 260 crore received from Income Tax refunds, lying in its bank account, directly to Ericsson.
  2. A sum of Rs 118 crore has already been deposited with the Hon’ble Supreme Court.
  3. RCOM is confident of raising the balance approx Rs. 200 crore for payment to Ericsson, in order that the entire Rs 550 crore plus interest thereon stands paid to Ericsson well within the time of 4 weeks allowed by the Hon’ble Supreme Court.
The company press release

Categories: General News, India Bankruptcy

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