In a major setback, to the Reliance Communications chairman Anil Ambani, the Supreme Court held him guilty of contempt in Ericsson India case. The apex court said that Anil Ambani will go to jail if he fails to pay Rs 450 crore within three months.
Along with Ambani, two other directors Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani were also held guilty. The SC slapped a fine of Rs 1 crore each on them. The apex court said that they will be awarded jail term in case they do not deposit the money with one month.