Moneycontrol News
Reliance Communications' Chairman Anil Ambani will not be drawing salary or commission from Reliance Communications (RCom) for this fiscal year, reports CNBC-TV18.
According to CNBC-TV18, RCom management team on-board has decided to defer personal pay by up to 21 days.
The CNBC-TV18 also reported that these measures by RCom Board will remain in effect until December 2017.
The news comes after RCom debt was downgraded by three credit rating agencies in the last one month over default fears.
For the quarter ending March 31, 2017, the company had suffered a loss of Rs 966 crore. It was the second consecutive loss-making quarter which led to its first full fiscal net loss.
At the end of FY17, RCom had a debt of around Rs 42,000 crore which it intends to reduce through its deals with Aircel and Brookfield, to whom RCom is selling 51 percent stake in its tower unit Reliance Infratel for Rs 11,000 crore.
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