Anil Ambani steps down as Reliance Communications director

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Published: November 17, 2019 4:53:49 AM

The company during the quarter, like Vodafone Idea and Bharti Airtel, provided for liabilities on account of spectrum usage charges and licence fee to the tune of Rs 28,314 crore. This follows the October 24 ruling by the Supreme Court in the adjusted gross revenue matter.

Anil Ambani, Reliance Communication, Reliance, rcom, NCLTThe telco, along with other incumbents, has been slapped with a massive licence fee and spectrum usage charge, which total up to as high as Rs 1.33 lakh crore for the industry.

Anil Ambani and four other directors on Saturday tendered their resignations from Reliance Communications, which is undergoing insolvency proceedings in the National Company Law Tribunal (NCLT). Apart from Ambani, Chhaya Virani, Ryna Karani, Manjari Kackar and Suresh Rangachar have submitted their resignations, the company informed the stock exchanges on Saturday. The company also said Manikantan V had tendered his resignation earlier on October 4 as director and chief financial officer of the company.

RCom said since the company is under CIRP, the resignations are being put for the consideration of committee of creditors. RCom reported a consolidated net loss of Rs 30,147 crore for the second quarter ended September 2019. As the company is undergoing insolvency proceedings, the resolution professional (RP) in charge of the process submitted the quarterly performance numbers to the exchanges.

The company during the quarter, like Vodafone Idea and Bharti Airtel, provided for liabilities on account of spectrum usage charges and licence fee to the tune of Rs 28,314 crore. This follows the October 24 ruling by the Supreme Court in the adjusted gross revenue matter.

The telco, along with other incumbents, has been slapped with a massive licence fee and spectrum usage charge, which total up to as high as Rs 1.33 lakh crore for the industry.

Following the provisions made by other telcos for these liabilities, Vodafone Idea posted a loss of Rs 50,922 crore for the quarter, highest quarterly loss in India’s corporate history. Bharti Airtel posted a consolidated net loss of Rs 23,045 crore for the the three months period of July to September 2019.

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