New Delhi, November 16
Reliance Communications chairman Anil Ambani along with four directors has resigned from the company, which is going through insolvency process, according to a regulatory filing.
Chief financial officer of the debt-ridden company Manikantan V has also resigned, the filing said.
“Anil D Ambani, Chhaya Virani and Manjari Kacker have tendered their resignation as director of the company on November 15,” the filing said. Ryna Karani and Suresh Rangachar tendered their resignations on November 14 and November 13, 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.
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 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. The Committee of Creditors looking after asset sale of RCom will open bids received for the assets on November 24. — PTI
from The Tribune https://ift.tt/2ptEr1G
via Today’s News Headlines
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