Anil Ambani Resigns As Director Of Debt-Ridden Reliance Communications

New Delhi, News Nation Bureau | Updated : 16 November 2019, 04:38 PM
Anil Ambani's RCom is currently going through insolvency process.
Anil Ambani's RCom is currently going through insolvency process. (Photo Credit : File )

Anil Ambani has resigned as director of the debt-ridden Reliance Communications, the company said in a filing on Saturday. Besides Ambani, Chhaya Virani, Ryna Karani, Manjari Kacker, Suresh Rangachar have also tendered their resignations as directors of RCom. "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 filing added.

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. 

His elder brother Mukesh Ambani's Reliance Jio and Sunil Mittal's Bharti Airtel have expressed interest in bidding for physical telecom infrastructure of Anil Ambani-led Reliance Communications. The leading telecom operators, however, are not interested in buying spectrum held by RCom, according to the sources privy to the development.

Also Read | Jio, Airtel To Bid For Reliance Communications' Physical Assets

The NCLT in May superseded RCom board and appointed a resolution to run the company and also allowed the SBI-led consortium of 31 banks to form a committee of creditors. RCom lenders have claimed dues of around Rs 49,000 crore on the company till May 2019.

Reliance Jio in December 2017, had signed a mega deal with RCom for buying wireless spectrum, tower, fibre and media convergence nodes assets. RCom announced completion of sale of its media convergence nodes and related infrastructure assets, worth Rs 2,000 crore to Jio in August 2018. Later, Jio called off several deals that were under process.

(With PTI inputs)

First Published: Saturday, November 16, 2019 03:53 PM
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