"My honest and heartfelt thanks to my respected elder brother, Mukesh and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support".
Nearly a decade-and-a-half after a bitter separation, Mukesh Ambani on Monday stepped in to save younger brother Anil from prison by helping him clear the Rs 453 crore Reliance Communications owed Ericsson.
The threat of a prison term to Anil Ambani also came as a rare warning to some of India's richest borrowers whose firms have turned defaulters.
The court had ordered Ambani and two RCom directors to pay Ericsson 4.5 billion rupees within four weeks or face a three-month jail term for contempt of court.
As regulations delayed the completion of his biggest deal, creditors such as Ericsson began demanding past dues.
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The telecom department's lack of approval to the Jio -Rcom merger was cited as another reason for calling off the deal.
Jio said the master agreement for acquisition of certain specific assets of RCom and the spectrum trading agreement for change in allotment of certain specific spectrum stand terminated.
Some of the other factors mentioned by the telco in its regulatory filing include Board's decision to seek debt resolution in the dedicated bankruptcy court; applications filed in an appellate tribunal for withdrawal of appeals against the admission of RCom and its units -RTL and RITL to the National Company Law Tribunal (NCLT) debt resolution process, and reinstatement of the said process.
"The termination of the master agreement shall not, in any manner, affect the rights and obligations of the parties, accrued prior to the date of termination", it said. The group had earlier deposited over Rs 100 crore; Monday's payment brings the curtain down on its 18-month-old legal battle with Ericsson. Together with Rs 118 crore it had previously paid, RCom has cleared all dues including interest. The deadline expires Tuesday.
It is to be noted that Ericsson India had signed a seven-year deal in 2014 with Reliance Communication to operate and manage the telecom network of RCom across India. His companies suffered a setback last week after a lower court refused to free up tax refunds withheld by lenders.
Failure to keep this promise after a personal guarantee from Anil saw the situation escalate into a contempt case, with the court eventually setting the payment deadline.