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.Also Read - This Indian Surpasses Mukesh Ambani to Become Asia's Richest Person | List of India's Richest Billionaires

The four other directorial post holders who tendered resignations include Chhaya Virani, Ryna Karani, Manjari Kacker, and Suresh Rangachar. Also Read - Mumbai Police Says Tourists Asked For Directions, Posed No Threat To Mukesh Ambani's Residence

“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. Also Read - Security Outside Mukesh Ambani's Antilia Tightened After Taxi Driver Inform Mumbai Police About Suspicious Passengers

“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.

The telecom firm posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.