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RCom committee of creditors reject Anil Ambani, 4 other directors' resignations

RCom said in a BSE filing that its committee of creditors (CoC) had in their meeting held on November 20 "expressed a unanimous view that the resignations cannot be accepted"

twitter-logo BusinessToday.In        Last Updated: November 24, 2019  | 16:41 IST
RCom committee of creditors reject Anil Ambani, 4 other directors' resignations
RCom chairman Anil Ambani and four other directors- Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar had tendered their resignations recently

Reliance Communications (RCom) Sunday said it dismissed chairman Anil Ambani and four other directors' resignations, asking them to ensure cooperation in the ongoing insolvency resolution process.

Ambani and four other directors- Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar had tendered their resignations recently.

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

Also Read:Anil Ambani resigns as Reliance Communications' director

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

RCom said in a BSE filing that its committee of creditors (CoC) had in their meeting held on November 20 "expressed a unanimous view that the resignations cannot be accepted."

"...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," the filing stated further.

Also Read:Reliance Communications share price slips over 3% on Anil Ambani's exit, dismal Q2 results

Reliance Communications had on 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.

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

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