Anil Ambani Resigned from Reliance Communications’ as Director

Anil Ambani has resigned from the position of Reliance Communications’ director

On Friday, Anil Ambani, the Reliance Group Chairman has designed from the position of Director of Reliance Communications.

Ryna Karani, Suresh Rangachar, Manjari Kacker, and Chhaya Virani have also resigned from their positions of directors.

As per the release from the company seen by Money control, Virani, Ambani, and Kacker dropped in their documents from the director’s office on November 15 that was Friday while Karani did this on November 14 that was Thursday.

Another director Suresh Rangachar proffered his resignation on November 13 that was Wednesday. Primarily, on October 4, 2019 chief financial officer (CFO) and director also received papers of Manikantan V.

For approval, the documents of Manikantan V’s and D Vishwanath’s appointment as executive director and CFO respectively have been submitted  to the committee of creditors (CoC) for their approval.

It was mentioned in the release by Reliance Communications that meanwhile, the appointment and resignations has been scrutinized by the COC, further revelations would be done to the stock exchange.

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.

On November 15, the Reliance Communications announced 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 organization stated a consolidated net loss (entailing exceptional loss) of Rs 1,250 crore for Q2FY20.

The corporation’s revenue also dipped 65.1% to Rs 302 crore with comparison  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.

On November 15, Reliance Communications’ share closed at Rs 0.59, down Rs 0.02, or 3.28%.