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RCom's plea to use ₹260 cr tax refunds to pay Ericsson rejected
short by Krishna Veera Vanamali / on Saturday, 16 March, 2019
The National Company Law Appellate Tribunal (NCLAT) on Friday refused to allow release of ₹260 crore of Income Tax refunds to help Reliance Communications (RCom) pay Ericsson. Chairman Anil Ambani faces a 3-month jail term if RCom doesn't clear Ericsson's dues of ₹550 crore with interest by March 19. RCom had already deposited ₹118 crore with the Supreme Court registry.
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