Tag: Reliance Communications

RCom to lose its undersea cable unit as clouds hang over debt revamp

NEW DELHI: Indian telecom operator Reliance Communications (RCom) Ltd. will lose control of its undersea cable unit GCX Ltd. after a Delaware Court approved a creditor-supported Chapter 11 plan for the subsidiary, in a setback to its own closely-watched bankruptcy process. The plan that got the nod this week will grant ownership of GCX to […]

Anil Ambani, four others resign as Reliance Communications directors

NEW DELHI: Reliance Communications (RCom) Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, according to a regulatory filing. The chief financial officer of the debt-ridden company Manikantan V has also resigned, the filing said. “Shri Anil D Ambani, Smt. Chhaya Virani, Smt. Manjari Kacker have […]

RCom pays 458.77 crore to Ericsson; Anil Ambani wards off possible jail term

NEW DELHI: A day before the expiry of Supreme Court set deadline, Reliance Communications (RCom) Monday paid Rs 458.77 crore to Swedish telecom equipment maker Ericsson, clearing outstanding dues and fending-off a possible jail term for its billionaire Chairman Anil Ambani. Sources close to RCom said the payment was made to Ericsson Monday evening, a […]

RCom tanks over 48%; other group shares crash too

NEW DELHI: Shares of Reliance Communications (RCom) fell sharply on Monday, tumbling over 48 per cent, after the company decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders. The shares of Reliance Communications, after a weak opening, further crashed 48.27 per cent to its record low of […]

Reliance Communications pays Rs 62.4 lakh to settle case with Sebi

NEW DELHI: Reliance Communications (RCom) has settled a case with the Securities and Exchange board of India (Sebi) for alleged non-cooperation with credit rating agencies and debenture trustees in violation of listing norms. The company has also reached a settlement regarding non-compliance with listing norms, including failure to inform interest payment default on debentures, Sebi […]

Reliance Communications to exit telecom fully to focus on real estate: Anil Ambani

MUMBAI: Billionaire Anil Ambani on Tuesday announced that the cash-strapped Reliance Communications (RCom) will be completely exiting the telecom business to concentrate on real estate in future. The first priority for RCom, which is credited for democratising telecom services through cheaper offers in early 2000s, is to resolve its over Rs 40,000 crore debt, he […]

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