Industry

Anil Ambani, four others quit as directors of RCom

Reliance Group chairman Anil Ambani has resigned as the director of the bankrupt telecommunications firm Reliance Communications on Friday.

Reliance Group chairman Anil Ambani has resigned as the director of the bankrupt telecommunications firm Reliance Communications on Friday.   | Photo Credit: Reuters

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Company’s loss ballooned to ₹30,142 crore after provisioning for statutory licence fee and spectrum usage dues.

Reliance Group chairman Anil Ambani on Friday resigned as the director of the bankrupt Reliance Communications (RCom). This follows the company's reported consolidated loss of ₹30,142 crore, the second highest in corporate India after Vodafone Idea.

Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also resigned from the post of director, the company said in a filing to the Bombay Stock Exchange on Saturday.

Company’s loss ballooned to ₹30,142 crore after provisioning for statutory licence fee and spectrum usage dues, versus a profit of ₹1,141 crore the year before.

“The resignation of Manikantan V and appointment of D. Vishwanath as Executive Director and Chief Financial Officer has been put up to the Committee of Creditors [COC] for their approval. Upon approval, further disclosures will be made to stock exchanges. Since the company is under CIRP [Corporate Insolvency Resolution Process], the above resignations are being put before the COC members for their consideration,” said the statement.

RCom had filed for insolvency under the Insolvency and Bankruptcy Code (IBC) and has ₹47,000 crore as dues to the financial creditors.

RCom shares on the BSE closed down 3.28% at 0.59 paisa on Friday, valuing the company at ₹163.17 crore.

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Printable version | Dec 16, 2019 5:54:57 PM | https://www.thehindu.com/business/Industry/anil-ambani-four-others-resign-as-directors-of-reliance-communications/article29992768.ece

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