RCom chairman Anil Ambani, 4 other directors resign


Team Udayavani, Nov 16, 2019, 7:28 PM IST

New Delhi: Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through the insolvency process, according to a regulatory filing.

The chief financial officer of the debt-ridden company Manikantan V has also resigned, the filing said.

“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.

Ryna Karani and Suresh Rangachar tendered their resignations on November 14 and November 13, 2019 respectively.

The development comes a day after RCom 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.

This was the second-highest loss posted by any Indian corporate till date.

Ambani was once in the world’s top 10 rich persons list but now the company is struggling to even sell assets for the recovery of dues.

The company, which is going through insolvency process, had made a profit of Rs 1,141 crore in the corresponding three months a year ago.

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

The apex court last month upheld 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 fee to the exchequer.

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

“The resignation of Shri Manikantan V and appointment of Shri D. Vishwanath as Executive Director and Chief Financial Officer has been put up to the COC for their approval. Upon approval by the Committee of Creditors, further disclosures will be made to stock exchanges,” the filing said.

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

The company is undergoing through insolvency proceedings following an application filed by Swedish telecom gear maker Ericsson.

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 claim of around Rs 49,000 crore in August.

RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for Rs 7,000 crore, optical fibre network Rs 3,000 crore and data centres worth Rs 4,000 crore.

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

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

BCCI vs PCB spar on CT venue as Naqvi denies receiving any official note from Indian board

After Yogi’s ‘batenge, katenge’ slogan, PM pitches for unity with ‘Ek hai, toh safe hai’ message

“Coming soon.. 2025”: KL Rahul and Athiya Shetty announce first pregnancy

Mangaluru: Unauthorized bus stops at signals fuel traffic woes and safety concerns

SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt

Will remain active in politics till my last breath: JD(S) patriarch & ex-PM Deve Gowda

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

Related Articles More

NSE, BSE to be closed on Nov 20 for Maharashtra assembly polls

Sensex, Nifty fall for 2nd day on FII selling; RIL, ICICI Bank major drag

Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision

SC orders liquidation of grounded air carrier Jet Airways’ assets

Home-cooked meals become dearer in October on costlier vegetables

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

BCCI vs PCB spar on CT venue as Naqvi denies receiving any official note from Indian board

Use Carnatic music to promote Kannada language: Nirmala Sitharaman

Udupi: Car collides with bike; Rider injured

UP women’s body proposes men shouldn’t tailor women’s clothes or cut their hair

NSE, BSE to be closed on Nov 20 for Maharashtra assembly polls

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.