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Reliance Communications Director Anil Ambani Resigns

Reliance Communications director, Anil Dhirubhai Ambani, along with four other senior officials of the company Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar.have tendered their resignations from the posts today. Yesterday, the detailed data on Rs 30,142 crore consolidated losses incurred by Reliance Communications in the second quarter of 2019-2020 was brought into public notice and today, the resignation news appeared.

The story of Anil Ambani Financial Mess is quite a big one. Starting from making a deal with Ericsson to Rcom owning debts of more than Rs 45k crore to many banks and institutes, even as the last resort, RCOM approached NCLT to apply for insolvency under bankruptcy code.

"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," – A letter was addressed to the Bombay Stock Exchange and the National Stock Exchange of India Ltd, Reliance Communications.

It is also learnt that Manikantan V has also tendered his resignation as a director and chief financial officer of Reliance Communications. Early in May, Reliance Communications was officially declared bankrupt after the NCLT (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.

The company owes Rs 50,000 plus crore to banks. The telecom giant planned to settle its debts using Monetization scheme for the assets. It was supposed to yield about INR 25000 Crore to the company. However, the debacle has left the company to near bankruptcy.




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