Anil Ambani, four other directors declined to resign from RCom, directed to cooperate in insolvency process

The company incurred a loss of Rs 30142 crore in the September quarter. This is the second-largest loss to an Indian company in a quarter.

Lenders of private sector telecom company Reliance Communications have rejected the resignation of chairman Anil Ambani and four other directors from the company. He has also been instructed to cooperate in the ongoing bankruptcy and insolvency process. The BSE was informed by the company on Sunday.

The four directors of the company, including Ambani, Rayana Karani, Chhaya Virani, Manjari Kakare and Suresh Rangachara resigned from the company earlier this month. The company has stated that on November 20, a meeting of its creditors’ committee was held, in the meeting, the committee decided that the resignation could not be accepted.

The company said that directors associated with RCom are being told that their resignations have not been accepted and they will have to fulfill their obligations and responsibilities as directors of RCom. All have been instructed to cooperate in the insolvency and insolvency process.

Significantly, the company has a loss of Rs 30,142 crore in the September quarter. This is the second-largest loss to an Indian company in a quarter.