Industrialist Anil Ambani and 4 others resigned from bankrupt Reliance Communications

Mumbai: Billionaire industrialist Anil Ambani on Saturday resigned as Director of Reliance Communications as the bankrupt telecom operator nears sale of its assets under a liquidation process.

It has also come to light that Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also resigned from positions of directors.

"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 in a press statement.

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

The telecom operator 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 the corporate insolvency resolution process under provisions of the Insolvency and Bankruptcy Code 2016.

It may be mentioned that 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.

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