Skip to content
Search

Latest Stories

Anil Ambani resigns as RCom director

ANIL Ambani and four others resigned as directors of Indian business Reliance Communications (RCom), according to a regulatory filing on Saturday (16).

Ambani’s company is going through an insolvency process.

"Shri Anil D Ambani, Smt. Chhaya Virani, Smt. Manjari Kacker have tendered their resignation as the director of the company on November 15, 2019," the company said in a filing to the Bombay Stock Exchange (BSE).


The chief financial officer of the debt-ridden company Manikantan V has also resigned, the filing added.

Ryna Karani and Suresh Rangachar tendered their resignations last week.

The development comes a day after RCom posted a consolidated loss of Rs 301.42 billion or £3.24bn for the July-September quarter due to provisioning for liabilities after the country’s top court ruling on statutory dues.

This was the second highest loss posted by any Indian corporate till date.

Ambani was once in the world's top 10 rich persons list but now the company is struggling to even sell assets for the recovery of dues.

The company, which is going through insolvency process, had made a profit of Rs 11.41bn (£122.48 million) in the corresponding three months a year ago.

During July-September 2019, the company set aside Rs 283.14bn (£3.04bn) on account of provisioning following the Supreme Court order on calculation of annual adjusted gross revenue (AGR) of telecom companies.

The apex court last month upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer.

RCom's total liability includes Rs 233.27bn (£2.50bn) as licence fee and Rs 49.87bn (£535.35m) as spectrum usage charges.

The company is going through insolvency proceedings following an application filed by Swedish telecom gear maker Ericsson.

The National Company Law Tribunal has handed over control of the company to an insolvency resolution professional.

Sources estimate that RCom Group's total secured debt is around £3.54bn. Lenders have submitted a claim of around £5.26bn in August.

More For You

JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less
Boohoo

Boohoo’s shares, which have fallen by about 20 per cent this year, dropped 4 per cent on Tuesday. (Photo: Getty Images)

Boohoo rebrands as Debenhams after 21 per cent sales drop

BOOHOO has rebranded itself as Debenhams Group after sales from its young fashion brands, including Boohoo, MAN, and PrettyLittleThing, declined by 21 per cent to £947 million.

The move comes amid strong competition from Shein and a shift towards second-hand clothing among younger shoppers, The Guardian reported.

Keep ReadingShow less