Reliance Communications chairman Anil Ambani and 4 other top officials stepped down from the company’s directorial posts on Saturday. Reports said Anil Ambani resigned as the director of the telecom operator following the company’s bankruptcy. The 4 other top officials to resign were Chhaya Virani, Ryna Karani, Manjari Kacker, and Suresh Rangachar from directorial posts. Reliance telecom announced bankruptcy with sales of its assets under the insolvency process.

The news of Anil Ambani, Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar’s resignation was also confirmed by the company with a statement. Reliance stated that the above-mentioned resignations will now be forwarded to the committee of creditors for their consideration. Earlier, Reliance Communications Chief Financial Officer (CFO), Manikantan V, had also stepped down from his post. He was also a director of the company.

A few months ago, reports have quoted a 64% fall in Reliance’s business. It was said that the telecom company marked a loss of over Rs 500 crores. Compared to Rs 879.94 crore business in 2018, Reliance’s managed to collect only Rs 322.28 crore this time. Anil Ambani’s Reliance Communications is currently facing the Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code, 2016.

The statement from Reliance Communications limited said pursuant to regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) regulations 2015 read with Para A of Part A of Schedule III therein, your good office is hereby informed of the resignations tendered by the following directors: Anil D Ambani, Chhaya Virani Ryna Karani, Manjari Kacker and Suresh Rangachar.

Reliance Communications’ Quarter 2 for Financial Year 2019-2020 consolidated net loss was recorded at an exceptional low of Rs 1250 crore.

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