InvestorQ : Why has Anil Ambani resigned from the board of RCOM and what could it mean for the company?
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Why has Anil Ambani resigned from the board of RCOM and what could it mean for the company?

Answer
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3 years ago
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You may be aware that RCOM reported a loss of Rs.30,142 crore for the September quarter. Like the other telecom companies, RCOM has also debited the entire amount of AGR charges which the Supreme Court order has asked these telcos to pay to the government within a period of 3 months. The company, RCOM, is already under the Corporate Insolvency and Resolution Process (CIRP) because RCOM owes nearly Rs.47,000 crore to its financial creditors.

After reporting such a huge loss (the second largest in history after Vodafone Idea) Mr. Ambani’s position on the board almost becomes untenable. However, this resignation will have to be approved by the Committee of Creditors (COC), which is overseeing the insolvency of the company right now.

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