Anil Ambani Resigns as Director of Reliance Communications

Mumbai, November 16, 2019:

Anil Ambani, the Chairman of the Reliance Communications, has tendered his resignation as director of the company.

Reliance Communications has informed via an official release that Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also tendered their resignation from the office of director.

According to the release, Anil D Ambani, Chhaya Virani, Manjari Kacker have tendered their resignations as directors of the company on November 15, while Ryna Karani has tendered her resignation as director on November 14, 2019.

Suresh Rangachar has tendered resignation as director of company on November 13, 2019.

The loss-incurring company is under the Corporate Insolvency Resolution Process (CIRP) and has put up the resignation of Manikantan V and the appointment of D Vishwanath as executive director and CFO respectively, to the committee of creditors (COC) for approval.

Further disclosures will be made to stock exchange after their approval. On November 15, the company reported its Q2FY20 consolidated net loss at Rs 30,158 crore against loss of Rs 366 crore in Q1FY20.

Revenue of the company declined 65.1 percent at Rs 302 crore versus Rs 856 crore and EBITDA loss stood at Rs 66 crore versus EBITDA of Rs 60 crore, QoQ.

The company's Q2FY20 consolidated net loss include exceptional loss of Rs 1,250 crore.

On November 15, Reliance Communications share ended at Rs 0.59, down Rs 0.02, or 3.28 percent. It has touched a 52-week low of Rs 0.58.

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