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Last Updated : Nov 16, 2019 01:05 PM IST | Source: Moneycontrol.com

Anil Ambani resigns as director of Reliance Communications

On November 15, the company reported its Q2FY20 consolidated net loss at Rs 30,158 crore against loss of Rs 366 crore in Q1FY20.

 
 
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Anil Dhirubhai Ambani, Chairman of the Reliance Communications, has tendered his resignation as director of the company.

Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also tendered their resignation from the office of director, as per a company release.

Anil D Ambani, Chhaya Virani, Manjari Kacker have tendered their resignations as directors of the company on November 15, while Ryna Karani has tendered her resignation as director on November 14, 2019.

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Suresh Rangachar has tendered resignation as director of company on November 13, 2019.

Earlier, Manikantan V had tendered his resignation as director and chief financial officer (CFO) of the company on October 4, 2019.

The company, which is under the Corporate Insolvency Resolution Process (CIRP), has put up the resignation of Manikantan V and the appointment of D Vishwanath as executive director and CFO respectively, to the committee of creditors (COC) for their approval.

Upon approval by the COC, further disclosures will be made to stock exchanges, company said in the release.

On November 15, the company reported its Q2FY20 consolidated net loss at Rs 30,158 crore against loss of Rs 366 crore in Q1FY20.

Revenue of the company declined 65.1 percent at Rs 302 crore versus Rs 856 crore and EBITDA loss stood at Rs 66 crore versus EBITDA of Rs 60 crore, QoQ.

The company's Q2FY20 consolidated net loss include exceptional loss of Rs 1,250 crore.

On November 15, Reliance Communications share ended at Rs 0.59, down Rs 0.02, or 3.28 percent. It has touched a 52-week low of Rs 0.58.

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First Published on Nov 16, 2019 12:57 pm
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