A day after details of losses incurred by Reliance Communications in the second quarter of 2019-2020 were made public, Reliance Communications on Saturday said Anil Dhirubhai Ambani resigned as the company’s director. Along with him, four others senior officials of Reliance Communications have also stepped down from their posts. These are Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar.
In the second quarter of 2019-20, Reliance Communications’ consolidated loss stood at Rs 30,142 crore. This data was released on Friday.
In a letter addressed to the Bombay Stock Exchange and the National Stock Exchange of India Ltd, Reliance Communications said it is informing them about the recent developments. “Your good office is hereby informed of the resignations tendered by the following directors of Reliance Communications Limited: Anil D Ambani, Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar,” the letter said. India Today TV has accessed a copy of the letter.
Besides these, Manikantan V has also tendered his resignation as a director and chief financial officer of Reliance Communications.
The letter said resignation of Anil Ambani and others will be put up to the company’s committee of creditors for their consideration.
According to the letter, Anil Ambani, Chhaya Virani and Manjari Kacker tendered their resignation as directors of Reliance Communications on November 15, while Ryna Karani stepped down a day earlier. Suresh Rangachar resigned on November 13.
In May this year, Reliance Communications was officially declared bankrupt after the National Company Law Tribunal admitted it for insolvency and upheld the company’s plea to exclude 357 days spent in litigation to get the bankruptcy process going.
Reliance Communications owes over Rs 50,000 crore to banks.