Anil Ambani, 4 others resign from bankrupt Reliance Communications

Billionaire industrialist Anil Ambani on Saturday resigned as Director of Reliance Communications as the bankrupt telecom operator nears sale of its assets under an insolvency process.

"Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also resigned from positions of directors," the company said in a statement.

"Manikantan V has also tendered his resignation as a Director and Chief Financial Officer of the company earlier. The aforementioned resignations will be put up to the committee of creditors for their consideration," the company said.

The development follows RCom's consolidated loss of Rs 30,142 crore for the second quarter released late on Friday after provisioning for statutory licence fee and spectrum usage dues as compared to a profit of Rs 1,141 crore in Q2 FY19.

The telco set aside Rs 28,314 crore after the recent Supreme Court verdict on the calculation of adjusted gross revenue (AGR) of telecom companies.

Reliance Communications is under corporate insolvency resolution process under provisions of the Insolvency and Bankruptcy Code 2016.

From June 28, its affairs, business and assets are being managed by -- and the powers of the board of directors are vested in -- Resolution Professional Anish Niranjan Nanavaty, who was appointed by the National Company Law Tribunal's Mumbai Bench.