Anil Ambani resigns as director of Reliance Communications

at 6:58 pm
Reliance Group chairman Anil Ambani. File Photo

New Delhi (NVI): Reliance Group chairman Anil Ambani has resigned from his position as the director of Reliance Communications along with four others  senior officials, even as the bankrupt company nears the sale of its assets under the process of insolvency.

Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar are the four directors who have also resigned from their positions, a company official reportedly said.

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

This decision came a day after details of losses incurred by Reliance Communications in the second quarter of 2019-2020 were made public, reports said.

In the second quarter of 2019-20, Reliance Communications’ consolidated loss stood at Rs 30,142 crore. This data was released on Friday.

Besides these, Manikantan V has also tendered his resignation as a director and chief financial officer of Reliance Communications.

In May this year, Reliance Communications was officially declared bankrupt after the National Company Law Tribunal admitted it for insolvency and upheld the company’s plea to exclude 357 days spent in litigation to get the bankruptcy process going.

Reliance Communications owes over Rs 50,000 crore to banks.