Anil Ambani resigned from the post of director of telecom company Reliance Communications (RCOM). But the lenders of Reliance Communications have rejected the resignation of Ambani and 4 other directors and asked them to cooperate in the ongoing corporate insolvency resolution process.
In a BSE filing, RCOM said its Committee of Creditors Committee (COC) had met on November 20. It was unanimously stated that the resignation would not be accepted. Anil Ambani along with four directors Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar has earlier resigned form the company this month.
At present, Reliance Communications is going through a bankruptcy process. In 2008, Anil Ambani had assets worth $ 42 billion, which has dropped to $ 5230 million in 2019, i.e 3651 crore rupees in 11 years. As stated, the asset also includes declining in the prices of shares.The private sector is currently facing a recession. The impact of the economic downturn on several multinational companies is clearly seen.