Banks Want Anil To Stay On At RCom

Mail Today|November 25, 2019

Banks Want Anil To Stay On At RCom
Reliance Communications (RCom) on Sunday said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors,as they want them to stay back and help out with ongoing insolvency resolution process for the debt-laden telco.

Ambani along with four directors, Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar, had resigned from the RCom board earlier this month.

RCom informed the BSE, that its committee of creditors (CoC) had met on November 20 and expressed a unanimous view that the resignations cannot be accepted. The filing with the stock exchange further said, ``it is being duly communicated to the aforesaid directors of RCom that their resignations have not been accepted and they are advised to continue to perform their duties and responsibilities as the directors of RCom and provide all cooperation to the Resolution Professional in the corporate insolvency resolution process.

RCom’s consolidated loss had soared to Rs 30,142 crore for the July-September 2019 quarter due to provisioning for liabilities after the Supreme Court's ruling on statutory dues of the telcos.

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November 25, 2019