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Anil Ambani Resigns as Reliance Director

Reliance Communications Chairman Anil Ambani has tendered his resignation as the company’s director.

Chhaya Virani, Ryna Karani, Manjari Kacker, and Suresh Rangachar also tendered their resignation from the director’s office.

Anil D Ambani, Chhaya Virani, Manjari Kacker tendered their resignations as company executives on November 15. Also, while on November 14, 2019, Ryna Karani tendered her resignation as director.

On November 13, 2019, Suresh Rangachar filed for resignation as the company’s director.

Earlier on October 4, 2019, Manikantan V submitted his resignation as the company’s management and chief financial officer (CFO).

The firm, under the Corporate Insolvency Resolution Process (CIRP), submitted Manikantan V’s resignation. Further, D Vishwanath was appointed as executive director and CFO, respectively, to the creditors ‘ committee (COC) for approval.

Upon COC approval, more disclosures to stock exchanges will be made, the company said in the report.

The company reported its Q2FY20 consolidated net loss in Q1FY20 on November 15. Hence, it was at Rs 30,158 crore due to loss of Rs 366 crore.

The company’s revenue decreased 65.1 percent in Rs 302 crore versus Rs 856 crore. Also, EBITDA loss in Rs 66 crore versus Rs 60 crore, QoQ’s EBITDA.

The accumulated net loss Q2FY20 of the company contains a pending loss of Rs 1,250 crore.

The share of Reliance Communications ended at Rs 0.59 on November 15, down Rs 0.02, or 3.28%. It has reached a low of Rs 0.58 in 52 weeks.

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