MUMBAI : The multibillionaire industrialist Anil Ambani has resigned from his post of director of Reliance Communications Saturday, after the telecom company filed for insolvency.
Four other directors of the company too have quit their jobs, after the company reported a consolidated loss of Rs 30,142 crore for the second quarter on Friday. The loss is the second worst in India’s telecom market.
The company’s loss comes in the wake of the recent Supreme Court order on a 14-year-old suit interpreting Aggregated Gross Revenue(AGR). The court ruled that AGR should include revenues from non-core items.
The top court order has put most data providers into crisis with Vodafon-Idea taking the biggest hit followed by RCom. Telecom giant, Bharti Airtel, reported a loss of Rs 23,000 crore in July September quarter in the statement released Thursday, post the verdict.
