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Anil Ambani And 4 Others Resign As RCom Directors

By Staff

Anil Ambani and four others have resigned as directors of Reliance Communications Ltd (RCom) amid ongoing insolvency proceedings.

Anil Ambani And 4 Others Resign As RCom Directors

In a BSE filing, Reliance Communications Ltd informed the exchange of that five directors, including Anil D Ambani, Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar, have tendered their resignations for the position.

It was also informed that Manikantan V has submitted his resignation as a director and Chief Financial Officer of the Company earlier.

"The aforementioned resignations shall be put up to the committee of creditors of the Company for their consideration," the filing added.

Shares of Rcom closed 3.28 percent lower at Rs 0.59 apiece on Friday.

On resignation comes after the company reported a loss of Rs 30,142 crore for the second quarter of 2019-20 on Friday.

Piling on to the company's existing financial difficulties were the adjusted gross revenue (AGR) dues charged on telecom companies on the back of the Supreme Court order of 24 October which ruled in favour of the government's stance of including non-core items in AGR.

RCom's losses included its provisioning for statutory licence fee and spectrum usage dues. In the same quarter of the previous year, it made a profit of Rs 1,141 crore.

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