Four people, including Anil Ambani, chairman of the bankrupt closed telecom company Reliance Communications (R-Com), have resigned as directors of the company. According to the quarterly results released on Friday, the company had a loss of more than 30 thousand crores. This is the second largest loss in corporate history after Vodafone-Idea.
These people resigned
The company issued a statement saying that apart from Anil Ambani, Chhaya Virani, Rayna Karani, Manjari Kakkar and Suresh Rangachar have also resigned. Of these, Anil Ambani, Chhaya Virani and Manjari Kaker resigned on 15 November. At the same time, Rayna Karani resigned on November 14 and Suresh Rangachar on November 13.
30,142 crore loss
The private sector is facing tremendous recession these days. The impact of the economic slowdown on many multinational companies is clearly visible. Reliance Communications (RCom), one of the country’s leading companies, is also not untouched by this.
Debt-ridden Reliance Communications (RCom) has a consolidated loss of around Rs 30,142 crore in the July-September quarter. In view of the decision on the statutory arrears by the Supreme Court, the company’s losses have reached such a high level due to the provision for liabilities.
The insolvent company made a net profit of Rs 1,141 crore in the same quarter of the previous financial year. The company has made a provision of Rs 28,314 crore in view of the Supreme Court’s decision on calculating the annual adjusted gross revenue (AGR) of telecom companies.
RCom’s total liabilities include license fee of Rs 23,327 crore and spectrum usage fee of Rs 4,987 crore. RCom and its subsidiaries have not made provisions for interest of Rs 1,210 crore and foreign exchange fluctuations of Rs 458 crore.
RCom said that if provision was made for this, its loss would have increased by Rs 1,668 crore. Operating income of the company declined to Rs 302 crore during the quarter from Rs 977 crore in the same quarter of the previous fiscal.
RCom shares fell 3.28 per cent to close at 59 paise on Friday in the Bombay Stock Exchange.
