Anil Ambani resigns from Reliance Communications

Here comes the huge news of Anil Ambani, who is the Chairman of Reliance Communications along with four directors resigning from the company. According to many sources, the company has been going through insolvency process for a long time now.

Among the resignations, one from the chief financial officer of the debt-ridden company Manikantan V was also served, the filing informed. “Shri Anil D Ambani, Smt. Chhaya Virani, Smt. Manjari Kacker have tendered their resignation as Director of Company on November 15th, 2019,” the filing said.

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Ryna Karani and Suresh Rangachar gave their respective resignations on 14 November and 13 November 2019.

The resignations were followed by a post by RCom which disclosed 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.

By far, this was the second-highest loss posted by any Indian corporate till date.

Last month, the Supreme court held the government’s position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum the fee to the exchequer.

RCom’s total liability includes Rs 23,327 crore licence fee and Rs 4,987 crore spectrum usage charges.

After property division between him and his elder brother Mukesh Ambani in 2005, Anil Ambani got the charge of RCom.

The National Company Law Tribunal has handed over control of the company to an insolvency resolution professional. Sources estimate that RCom Group’s total secured debt is around Rs 33,000 crore. Lenders have submitted a claim of around Rs 49,000 crore in August.

The Committee of Creditors looking after asset sale of RCom will open bids received for the assets on 24 November.