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Anil Ambani resigns as Reliance Communications' director

Other directors of Reliance Communications who have tendered their resignations besides Anil Ambani are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar

twitter-logo BusinessToday.In        Last Updated: November 16, 2019  | 17:17 IST
Anil Ambani resigns as Reliance Communications' director
Reliance Group chairman Anil Ambani. Reliance Communications said the said resignations and appointment are vetted by the committee of creditors (CoC)

Reliance Group chairman Anil Ambani Friday resigned as the director of Reliance Communications. Other directors of the company who have tendered their resignations are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar.

While Ambani, Virani, and Kacker put in their papers from the office of director on Friday (November 15), Karani resigned as director on Thursday (November 14), Reliance Communications said in a communication to bourses.

Also Read:Anil Ambani falls off billionaire club; equity wealth crashes from $42 billion to $0.5 billion

The other director Suresh Rangachar also tendered his resignation on Wednesday (November 13). Previously, Manikantan V had also put in his papers director and chief financial officer (CFO) of Reliance Communications on October 4, 2019.

The company has submitted Manikantan V's resignation papers and D Vishwanath's appointment as executive director and CFO respectively, to the committee of creditors (CoC) for their approval.

Reliance Communications in its release further said that as the said resignations and appointment are vetted by the CoC, the company will make further disclosures to the stock exchanges accordingly.

Also Read: Shareholders want Anil Ambani's sons on the Board

Meanwhile, Reliance Communications Friday (November 15) posted a consolidated net loss of Rs 30,158 crore for Q2 of FY20 (2019-20) against a loss of Rs 366 crore in Q1 of FY20. The company reported a consolidated net loss (including exceptional loss) of Rs 1,250 crore for Q2FY20.

The company's revenue also dipped 65.1% to Rs 302 crore as compared to a Quarter-on-Quarter (Q-o-Q) loss of Rs 856 crore. The Q-o-Q EBITDA also stood at Rs 66 crore as against Rs 60 crore.

Reliance Communications' share closed at Rs 0.59 on November 15, down Rs 0.02, or 3.28% on BSE.

Also Read: Anil Ambani to continue clearing dues, next debt repayment to be worth $2.1 billion

Also Read: Anil Ambani's Reliance Communications' stock value has eroded over 95% since 2006

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