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Business Headlines: Anil Ambani narrowly avoids a prison sentence

Anil Ambani led Reliance Communications owes other telecom equipment manufacturers and service providers a collective of over 1,000 crore ₹. The Supreme Court had directed RCom to pay 453 crores to Swedish telecom equipment maker Ericsson by tomorrow or face a prison term of three months. In a dramatic move, RCom paid its entire dues just hours before the deadline, thereby saving its promoter and two other top executives the prison sentence. The Income Tax Department has slapped a hefty demand notice on Kumar Mangalam Birla led Grasim Industries of ₹ 5,872 crore for non payment of dividend distribution tax on shares received by it in the demerger of Aditya Birla Capital and Nuvo. Bollywood superstar Shah Rukh Khan has been accused under the Benami Properties Act 2016 by the Income Tax Department. After getting temporary interim relief from the Appellate Tribunal, the IT Department has challenged that order and mounted a fresh case with additional evidence against the Bollywood big wig.

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