Anil Ambani resigns as Reliance Communications director

Anil Ambani has resigned from his position as director of Reliance Communications, along with four others, even as the bankrupt carriers nears the sale of its assets under the process of insolvency.

Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also resigned from positions of directors, the company said in a notice to the Bombay Stock Exchange on Saturday.

“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 said.

RCom’s share closed at Rs 0.59 Friday, falling by 3.28%.

The development follows RCom’s consolidated loss of Rs 30,142 crore for the second quarter, released on Friday, after provisioning for statutory licence fee and spectrum usage dues, versus a profit of Rs 1,141 crore the year before.

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. Bharti Airtel reported a loss of over Rs 23,000 crore on Thursday, due to similar provisions.

The telco 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.

The mammoth losses are on the back of the Supreme Court order of October 24, which backed the government stance of including non-core items in AGR. The ruling left 15 telcos facing over Rs 1.3 lakh crore in additional statutory dues.

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