Tag: rcom

Bharti Airtel, one of the biggest telecom operators, has withdrawn his bid to purchase the assets of Reliance Communications. They alleged the act of the Committee of Creditors as biased and Unfair, i.e., their act of extending the time limit of submitting the bid. CoC extended the time limit by ten days for submitting the bid on the request made by Reliance Jio.  Harjeet Kohli, who is the finance director of Bharti Airtel wrote a letter to the resolution professional and without naming Reliance Jio said that the committee of creditors rejected their request to extend the time for submitting the bid for Reliance communication. Still, surprisingly the dates have now been extended to accommodate a bidder.

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.

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.