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November 27, 2020

Amid crisis, Anil Ambani resigns as Reliance Communications director

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  • Anil Ambani resigns as Reliance Communications director, 4 top RCom executives resign
  • Anil Ambani, chairman of Reliance Group, caught in a debt trap, has resigned as the director of Reliance
  • Communications (RCom). Apart from Anil Ambani, 4 top RCOM officials have resigned.

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, while Rayna Karani quit on 14 November and Suresh Rangachar on 13 November.

Loss of Rs 30,142 crore

Reliance Communications’ second-quarter results were released on Friday. According to a news agency PTI, the company incurred a loss of Rs 30,142 crore in the July-September quarter. The company undergoing the Diwala process made a net profit of Rs 1,141 crore in the same quarter of the previous financial year. During the quarter, the company’s income decreased to Rs 302 crore, which was Rs 977 crore in the same quarter of the previous financial year. RCom shares are at 59 paise in the stock market.

RCom also wrapped in AGR

The quarterly results state that the company has made a provision of Rs 28,314 crore in view of the Supreme Court’s decision on the calculation of annual adjusted gross revenue (AGR) of telecom companies. RCom’s total liabilities include a license fee of Rs 23,327 crore and a spectrum usage fee of Rs 4,987 crore.

AGR is the usage and licensing fees charged by the telecom companies by the Department of Telecommunications (DoT) of the Ministry of Communications. The telecom companies had approached the Supreme Court against the amount of these dues. But the Supreme Court had also accepted the government’s demand. In such a situation, now the telecom companies will have to pay the outstanding amount.

Chinese banks have filed a case

Recently, RCom owner Anil Ambani has been booked by three major Chinese banks for not paying $680 million (about Rs 47,600 crore) in a London court. These three banks – Industrial and Commercial Bank of China Limited, China Development Bank and Export-Import Bank of China. According to a report, banks claim that Reliance Communications (RCom) had given a loan of $92.52 million (about 65 thousand crore rupees) in 2012 on the condition of Anil Ambani’s personal guarantee. Then Anil Ambani had said to take a personal guarantee of this loan but after February 2017 the company defaulted in repaying the loan.


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