New Delhi: Reliance Communications Chairman Anil Dhirubhai Ambani on Saturday resigned as the director of the telecom operator, along with four others, after the firm announced bankruptcy with sales of its assets under the insolvency process.
The four other directorial post holders who tendered resignations include Chhaya Virani, Ryna Karani, Manjari Kacker, and Suresh Rangachar.
“Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also resigned from positions of directors,” the company said in a statement. Manikantan V, who was a Director and the Chief Financial Officer (CFO) of Reliance Communications had also put in his papers previously.
“The aforementioned resignations will be put up to the committee of creditors for their consideration,” the company stated.
In the September 2019 quarter, the telecom firm marked a 64 per cent dip, from Rs 897.94 crore last year to Rs 322.28 crore, in its profits before tax and exceptional items.
The billionaire industrialist Anil Ambani-led telecom company Reliance Communications is under Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code, 2016.
Reliance Communications’ Q2FY20 consolidated net loss was recorded at an exceptional low of Rs 1250 crore. On November 15, the company’s shares ended at Rs 0.59, down by Rs 0.02 or 3.28 per cent. It has now touched rock bottom with a 52-week-low of Rs 0.58.