RCOM Lenders Reject Anil Ambani's Resignation

According to a letter by RCOM on Sunday, the decision was taken in a meeting of the Committee of Creditors of Reliance Communications held on November 20. The RCOM lenders have appealed to the five directors to continue in their positions and cooperate in the debt and insolvency process

RCOM Lenders Reject Anil Ambani's Resignation/ Photo: AFP

New Delhi: Reliance Communications Limited (RCOM) has rejected the resignations tendered by Anil Dhirubhai Ambani and four other directors, instructing them to continue holding their posts till the insolvency resolution process of RCOM is completed. According to a letter by RCOM on Sunday, the decision was taken in a meeting of the Committee of Creditors of Reliance Communications held on November 20. The RCOM lenders have appealed to the five directors to continue in their positions and cooperate in the debt and insolvency process. Apart from Ambani, Ryna Karani, Chhaya Virani, Manjari Kacker, Suresh Rangachar had also resigned from their posts in RCOM. "The Committee of Creditors of Reliance Communications Limited (RCOM) at its meeting held on November 20, 2019, considered the resignations tendered by the following directors and expressed a unanimous view that the resignations cannot be accepted," the letter by the company's general secretary to BSE and NSE read. "..It also instructed the Resolution Professional to convey to the directors to continue with their duties and responsibilities as directors and provide all cooperation in the corporate insolvency resolution process," it added.