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Lenders have rejected the resignation of Anil Ambani and 4 others
By: Tupaki Desk | 25 Nov 2019 12:07 PM GMT
Lenders have rejected the resignations of Reliance Communication (RCom) Chairman Anil Ambani and four other directors and asked them to cooperate in the ongoing corporate insolvency resolution process. Ambani, along with Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar, had resigned from Reliance Communication earlier this month. The resignations were conveyed to the CoC in its meeting on November 20 and were unanimously rejected.
For the second quarter ended September 30 this year, RCom reported a loss of Rs 30,142 crore. The company's loss was compounded when the Supreme Court ordered telcos to pay AGR dues. RCom became the second Indian company to post a huge loss in a quarter. Vodafone Idea has reported a loss of Rs 50,921 crore. RCom has allocated Rs 28,314 crore for Adjusted Gross Revenue (AGR) dues. The Supreme Court upheld the government's argument on the AGR and ruled that the non-telecommunications revenue should be included in the AGR. RCom has to pay Rs 23,327 crore as license fee and Rs 4,987 crore as spectrum usage charge.
For the second quarter ended September 30 this year, RCom reported a loss of Rs 30,142 crore. The company's loss was compounded when the Supreme Court ordered telcos to pay AGR dues. RCom became the second Indian company to post a huge loss in a quarter. Vodafone Idea has reported a loss of Rs 50,921 crore. RCom has allocated Rs 28,314 crore for Adjusted Gross Revenue (AGR) dues. The Supreme Court upheld the government's argument on the AGR and ruled that the non-telecommunications revenue should be included in the AGR. RCom has to pay Rs 23,327 crore as license fee and Rs 4,987 crore as spectrum usage charge.
