Reliance Communications Lenders Reject Resignation Of Anil Ambani, Four Directors
Anil Ambani, chairman of Reliance Group, arrives at the company’s annual general meeting in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Reliance Communications Lenders Reject Resignation Of Anil Ambani, Four Directors

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Reliance Communications Ltd. said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors, and asked them to cooperate in the ongoing corporate insolvency resolution process.

Ambani along with four directors -- Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar -- had resigned from the company earlier this month.

In a filing with the Bombay Stock Exchange, RCom said its Committee of Creditors had met on Nov. 20. "...(the committee had) expressed a unanimous view that the resignations cannot be accepted," it noted.

The filing further said: "...it is being duly communicated to the aforesaid directors of RCom that their resignations have not been accepted and they are advised to continue to perform their duties and responsibilities as the directors of RCom and provide all cooperation to resolution professional in the corporate insolvency resolution process".

RCom had posted a consolidated loss of Rs 30,142 crore for Sept. 2019 quarter due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

This had marked the second highest loss posted by any Indian corporate till date, after Vodafone Idea Ltd.'s Rs 50,921 crore losses.

During July-September 2019, RCom set aside Rs 28,314 crore on account of provisioning following the Supreme Court order on calculation of annual adjusted gross revenue of telecom companies.

Also read: Bharti Airtel Withdraws Bid For Reliance Communications Assets Citing Questionable, Unfair Conduct

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