New Delhi: Anil Ambani has resigned from his position as director of Reliance Communications, along with four others, even as the bankrupt carriers nears the sale of its assets under the process of insolvency.
Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also resigned from positions of directors, the company said in a notice to the Bombay Stock Exchange on Saturday.
"Manikantan V., has also tendered his resignation as a director and Chief Financial Officer of the Company earlier. The aforementioned resignations shall be put up to the committee of creditors of the Company for their consideration," the company said.
RCom's share closed at Rs 0.59 Friday, falling by 3.28%.
The development follows RCom's consolidated loss of Rs 30,142 crore for the second quarter, released on Friday, after provisioning for statutory licence fee and spectrum usage dues, versus a profit of Rs 1,141 crore the year before.
The telco’s loss was the second-worst in corporate India, behind Vodafone Idea’s July-September loss of Rs 50,921.9 crore reported on Thursday. Bharti Airtel reported a loss of over Rs 23,000 crore on Thursday, due to similar provisions.
The telco set aside Rs 28,314 crore after the recent Supreme Court verdict on calculation of adjusted gross revenue (AGR) of telecom companies, it said in a regulatory filing on Friday.
The mammoth losses are on the back of the Supreme Court order of October 24, which backed the government stance of including non-core items in AGR. The ruling left 15 telcos facing over Rs 1.3 lakh crore in additional statutory dues.
Courtesy: economictimes
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New Delhi: The United States Securities and Exchange Commission (SEC) has sought assistance from the Indian government to serve a complaint to Adani Group Chairman Gautam Adani and his nephew Sagar Adani in an alleged $265 million bribery and fraud case, Reuters reported on Wednesday.
The SEC informed a district court in New York that it was attempting to serve the complaint and had requested help from India’s law ministry.
In November, the United States Attorney’s Office for the Eastern District of New York indicted Gautam Adani in connection with the case. The US Department of Justice accused executives of the conglomerate of bribing Indian officials for solar energy contracts and misrepresenting anti-bribery practices to US investors. It alleged that details of the bribes were concealed to secure financing.
The Adani Group has denied the allegations and announced plans for legal action. In December, Gautam Adani blamed the media for what he called "incorrect and reckless reporting" on the issue.
While the indictment document outlines conspiracy to obstruct justice and violations of the Foreign Corrupt Practices Act (FCPA), Adani and his executives were not formally charged under these counts. However, it names Gautam Adani, Sagar Adani, and Cyril Cabanes of Azure Power Global in connection with the alleged bribery scheme.
On November 27, the Adani Group clarified in a stock exchange filing that Gautam Adani and Sagar Adani had been charged with securities fraud, not bribery. The charges led to a significant decline in the group’s market value, with shares losing $54 billion at the time.
On November 29, the Union government stated that it considered the matter a legal issue involving private companies, individuals, and the US Justice Department.
Meanwhile, on February 10, US President Donald Trump signed an executive order pausing prosecutions of Americans accused of bribing foreign officials for business deals. The order temporarily halts enforcement of the FCPA and directs US Attorney General Pam Bondi to review the law’s enforcement guidelines.
The move is seen as a potential relief for the Adani Group, as it could delay or weaken ongoing investigations against its executives.