Anil Ambani resigns as director of Reliance Communications; key figures from Q2 results

Anil Ambani has submitted his resignation as director of Reliance Communications, even as the firm continues to remain under CIRP.

Bill Barney, RCom, CEO, GCX, industry news, RCom news
On September 16, the GCX had said that it has initiated voluntary, pre-packaged Chapter 11 restructuring with support from over 75 per cent of lenders.
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According to RCom’s admission, financial creditors have made claims worth Rs 57,382 crore from RCom and its two subsidiaries as of June 16.

Anil Ambani has submitted his resignation as director of Reliance Communications, even as the firm continues to remain under CIRP (Corporate Insolvency Resolution Process). Four other directors, including Smt. Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also submitted their resignation, Reliance Communications said in a statement to the exchanges. Apart from these, Manikantan V has also tendered his resignation from the office of Director and as Chief Financial Officer (CFO) of the Company.

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“Shri Manikantan V has tendered his resignation as Director and Chief Financial Officer of he Company on October 4th , 2019. The resignation of Shri Manikantan V and appointment of Shri D. Vishwanath as Executive Director and Chief Financial Officer has been put up to the COC for their approval,” the firm said in its statement, adding that upon approval by the Committee of Creditors, further disclosures will be made to Stock Exchanges.

The firm yesterday posted a mega loss of Rs 30,142 crore, registering India’s second biggest quarterly loss after Vodafone Idea. The firm was mainly hit due to provisioning for liabilities after the Supreme Court ruling on the AGR issue. The mega loss assume significance, as the firm had made a profit of Rs 1,141 crore in the corresponding period in the previous fiscal year. RCom has kept Rs 28,314 crore as provision after the Supreme Court order on calculation of annual adjusted gross revenue (AGR) of telecom companies. The firm’s revenue from operations dipped to Rs 302 crore during the reported quarter from Rs 977 crore in the comparable period previous fiscal. RCOm share price closed 3.28% lower at Rs 0.58 on BSE.

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