बुरी ख़बर Anil Ambani ख़त्म - Jio ने ख़त्म किया ! | Breaking News !
67बुरी ख़बर Anil Ambani ख़त्म - Jio ने ख़त्म किया ! | Breaking News !
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Anil Ambani has resigned as director of the bankrupt Reliance Communications (RComm), thus ceasing to be the chairman of the mobile phone company he had led since 2006.
“Reliance Communications has been admitted under the Insolvency and Bankruptcy Code since May 15, 2018. The resolution professional has been in control of the company and the board has been superseded,” Ambani said in his resignation letter dated November 15 to the board of directors of RCom and to Ashish Nanavaty, the resolution professional from Deloitte running the telco’s insolvency process. “The resolution of Reliance Communications Ltd is now imminent under the NCLT process. In light of these developments, I hereby tender my resignation as director of Reliance Communications Ltd, with immediate effect. Let me take this opportunity to thank all the directors for their longstanding support.”
"The resignations shall be put up to the committee of creditors of the company for their consideration,” RCom said.
This move is required as the company is under the governance of the resolution professional. The company’s assets such as spectrum and towers have started receiving bids under the insolvency process.
Ambani and his group companies — holding 10.48% in RCom at the end of September — are still part of the promoter group companies, according to BSE data. Over 46% of the promoter holdings have been pledged.
The development comes a day after RCom posted a consolidated loss of Rs 30,142 crore for the second quarter, after provisioning Rs 28,314 crore for licence fee and spectrum usage dues following a recent Supreme Court verdict on calculation of adjusted gross revenue.
Ambani got Reliance Communications — then called Reliance Infocomm — after the Reliance business group was split between him and his elder brother, Mukesh, in 2005. RComm rose to the No. 2 position briefly. However, it fell behind mainly due to its dependence on CDMA technology and the tariff wars that started after several players entered the market in 2008. The company’s debt rose to over Rs 47,000 crore at one time, amid falling revenue and profits.
In 2016, the launch of Jio unleashed another price war in the sector. RCom’s efforts to gain scale through a merger with Aircel fell through due to legal challenges. After some unsuccessful efforts to sell assets, it filed for insolvency in May.
Troubles continue to mount for the younger Ambani. Industrial & Commercial Bank of China Ltd, China Development Bank and Export-Import Bank of China recently sued him in a London court for failing to pay back $680 million in defaulted loans given in 2012