Anil Ambani Resigns As Director Of Debt-Ridden Reliance Communications

Other directors of the company who have tendered their resignations are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar, the company said in a notice to the Bombay Stock Exchange (BSE) on Saturday.

Anil Ambani resigns as the director of Reliance Communications. (File Photo/ AFP)

Mumbai: Anil Dhirubhai Ambani, Chairman of Reliance Communications, has tendered resignation as the director of the debt ridden company along with four others from the office of directors, as per the company release. Other directors of the company who have tendered their resignations are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar, the company said in a notice to the Bombay Stock Exchange (BSE) on Saturday. "Your good office may also note that Shri Manikantan V., has also tendered 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 company filing said. RCom, which is currently going through insolvency process, has posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues. Earlier, Manikantan V had also put in his papers director and chief financial officer (CFO) of Reliance Communications on October 4, 2019. Post this, the company submitted Manikantan V's resignation papers and D Vishwanath's appointment as executive director and CFO respectively, to the committee of creditors (CoC) for their approval. The company, which is under the Corporate Insolvency Resolution Process (CIRP), reported its Q2FY20 consolidated net loss at Rs 30,158 crore against loss of Rs 366 crore in Q1FY20 on November 15. Revenue of the company declined 65.1 percent at Rs 302 crore versus Rs 856 crore and EBITDA loss stood at Rs 66 crore versus EBITDA of Rs 60 crore, Quarter-on-Quarter (QoQ), reports added. The company's Q2FY20 consolidated net loss include exceptional loss of Rs 1,250 crore. According to share market update, RCom's share closed at Rs 0.59, down Rs 0.02, or 3.28 percent on November 15. It has touched a 52-week low of Rs 0.58. The telco’s loss was the second-worst in corporate India, behind Vodafone Idea’s July-September loss of Rs 50,921.9 crore reported on Thursday. RComm set aside Rs 28,314 crore after the recent Supreme Court verdict on calculation of adjusted gross revenue (AGR) of telecom companies, it said in a regulatory filing on Friday.