NEW DELHI: The Supreme Court on Wednesday dismissed the contempt case against the chairman of State Bank of India, moved by Ericsson India in the Ericsson-Reliance Communications case. Ericsson India had alleged “collusion” between SBI and Reliance Communications in a ploy to sell the telecom company’s assets and divert the proceeds to the public sector lender, so that the Swedish company does not get its dues.
“SBI has nothing to do with this amount of (Rs 550 crore) which had to be paid over to Ericsson only by the three Reliance companies. The contempt petition against the chairman of SBI is, therefore, dismissed,” the top court said.
According to the court’s verdict, RCom and its subsidiaries Reliance Infratel and Reliance Telecom, despite a commitment made to National Company Law Appellate Tribunal on May 30, had no intention of paying Rs 550 crore to the Swedish company within the stipulated 90-day period.
