RCom's September quarter numbers marked the second highest loss posted by any Indian corporate till date.
That’s the longest winning streak since the company’s trading debut in 2009.
The development follows RCom's consolidated loss of Rs 30,142 crore for the second quarter, released on Friday.
Anil Ambani has resigned as director of Reliance Communications, the debt-ridden company said in a filing on Saturday. According to the filing, Ambani along with Chhaya Virani, Ryna Karani, Manjari Kacker, Suresh Rangachar have resigned as directors of RCom. "Your good office may also note that Shri 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 filing added.Anil Ambani quits as Reliance Communications director a day after dismal Q2 numbers
Three banks agreed to loan Ambani’s RCom money in 2012, which he has since defaulted on.
Reliance Communications, which is undergoing insolvency proceedings, has put all its assets for sale, which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, tower business worth Rs 7,000 crore, optical fibre network worth Rs 3,000 crore and data centres worth Rs 4,000 crore.
Indiabulls Housing Finance (IBHF) shares rallied 24.65 per cent to Rs 334.40.
Topping the list was the Anil Ambani group entity Reliance Naval and Engineering.
Some 481 companies listed on BSE have lost half of their values so far this year.
While Airtel and Jio are expected to bid mainly for RCom's 850 MHz spectrum, I Squared Capital is likely to vie for the telco's data centres and optic fibre assets. RCom's 43,000 towers, housed under Reliance Infratel, are also up for sale.
The private sector lender said that it had a combined exposure to three debt-laden companies: Zee, DHFL and Anil Ambani led Reliance of about Rs.2100 crore or 1.1 percent of the loan book.
Ambani said the company is among the top three private power generation companies with operating portfolio of about 6,000 MW.
Ernst & Young has estimated that it would cost $100 billion or so to launch 5G in India.
At the AGM, a shareholder threatened to file class action suit against the group companies.
Addressing the shareholders at the AGM, chairman Anil Ambani also said the group's defence businesses will also follow an asset- and capital-light model.
Anil Ambani's Reliance Group is planning to pay creditors Rs 150 billion more by March.
Ambani said his NBFC suffered collateral damage due to a combination of factors.
Last week, Rcom Chairman Anil Ambani along with four directors had resigned from the company. The company posted a consolidated loss of Rs 30,142 crore for September 2019 quarter due to provisioning for liabilities after the Supreme Court ruling on statutory dues. This had marked the second highest loss posted by any Indian corporate till date.
Both Anmol and Anshul have been actively involved in all operations of RInfra.
Telecom major Vodafone and Airtel extended their gains to the second straight session on Monday.
Muthoot Finance said it will acquire IDBI Asset Management for Rs 215 crore.
"While housing sales in overall residential market recorded a decline in Q2 FY20, the housing sales value of India's top 9 listed developers remained steady during the quarter," said Anuj Puri, Chairman, Anarock.
The AGMs of five of the Reliance Group companies were held back-to-back on Monday.
Says over Rs 60,000 cr receivables are stuck in regulatory and arbitration matters.
The talks for selling Reliance General Insurance ended after Hero FinCorp struggled to raise funds.
With some respite after the curtains were drawn on the Essar Steel case, banks are still not breathing easy. Troubled Airtel and Vodafone-Idea posted record losses after the AGR ruling, which might keep profits of banks under check. RBI data show that banks have a Rs 1.15 lakh crore exposure to telecommunications as of Sept 2019, up 25% from a year ago.
Any court ruling favouring the banks would deal another blow to the tycoon’s stressed empire.
Here are a few stocks which may buzz the most in today’s trade.
Reliance Naval said it is facing an acute cash-flow crunch after orders dried up amid efforts to restructure debt.
State-owned NBCC sweetened its bid to acquire bankruptcy-bound Jaypee Infratech.
Sensex gained 0.08 per cent to 40,357, while Nifty fell 0.11 per cent to 11,895 for the week.
So far as policyholders of RHICL are concerned, the Authority would like to assure them that all their interests have been adequately protected and all genuine claims will continue to be duly honoured.
HSBC Daisy and others had moved a contempt plea in the appellate tribunal, alleging that Reliance Infratel had not paid up about Rs 230 crore as mandated by the NCLAT.
The court said there was no reason to doubt the process, and that the Rafale review petitions lacked merit.
Interestingly, in 2008 when Anil was ranked sixth among the world’s richest, Mukesh, with a net worth of $43 billion, was at the fifth position.
The initial public offering (IPO) was slated for fresh issue of shares worth Rs 200 crore.
Indian companies have defaulted on a record Rs 7,600 crore bonds so far in 2019.
Reliance Infratel, against which also the contempt petition has been filed, is part of RCom.
The 700,000 sq ft Reliance Centre in Santacruz could fetch as much as Rs 1,500-2,000 crore.
The deal to acquire the Reliance Capital subsidiary was signed on Friday.
Reliance Group chief expects new govt and RBI to provide support in the form of immediate liquidity window.
If the telcos pay the dues immediately, they won't be financially flexible to bid for 5G auction.
The Anil Ambani company has not been servicing its Rs 9,000 cr of debt for several months now.
Separately, the lender made Rs 737 crore worth of accelerated provisions in the quarter.
State-owned China Development Bank was the biggest creditor to the indebted telecom firm.
A resolution professional will chair and address the shareholders of bankrupt Reliance Communications at the annual meeting with shareholders.
Indiabulls AMC has also reduced some senior management salaries by half.
Asset sales would help Ambani bolster the financial health of his group’s companies.
SBI has ordered an investigation — it suspects diversion of funds, evergreening of loans, preferential transactions.
Anil Ambani talks about his plans of monetising assets to reduce debt and his focus on capital-light businesses.
Jagran Prakashan-owned Music Broadcast is set to acquire Big FM for close to Rs 1,200 crore.
Anil Ambani is in talks with global pvt equity firms to sell or lease his headquarters in Mumbai.
Anil Ambani's Reliance Group has decided to withdraw the Rs 5,000-crore civil defamation suits filed in an Ahmedabad court against Congress leaders and National Herald newspaper over their statements and an article on the controversial Rafale fighter jet deal.Rafale deal: Anil Ambani to withdraw defamation suits against Cong, Herald
The defamation suits were filed against the National Herald's editor Zafar Agha, and Vishwadeepak, the author of a news article published by it.
Anil Ambani further said the company will grow its clean energy portfolio with solar, wind, bio-mass, bio-gas and waste-to- energy in the renewable energy space.
The Kolkata-based conglomerate is joining tycoons including Anil Ambani & Subhash Chandra in selling assets to pare debt as a cash crunch in markets increase funding costs. TPG Capital is also weighing a bid and could look for a local partner.
In what could be India's busiest stretch, sale of the toll operation rights on Mumbai-Pune Expressway could fetch at least Rs 8000 cr. SBI Capital Market has been looking for a new operator as IRB Infrastructure’s 15-year contract expired in August.
While the SC had on Jan 7 this year directed Ambani to appear in the contempt case filed by Ericsson, the order that was uploaded on the court’s website stated that he was not required to show up.
Nippon India Mutual Fund becomes the largest foreign-owned AMC in India.
With this, RCom, which owes over Rs 50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt.
RCom's committee of creditors will have to approve a new RP with a 66 percent vote after the NCLT starts the insolvency process.
Zee and Dish TV have their promoter pledging 66.2 percent and 94.6 percent of the ownership pledged.
Total m-cap of six Anil Dhirubhai Ambani Group firms has dropped to Rs 6,196 crore.
Investors should resist the temptation of buying many of these beaten-down shares.
Reliance Capital has decided to shutter its two lending arms by December, the company said.
The company told exchanges on April 27 that it only has short-term debt of Rs 950 crore.
Banks have decided to shortlist a resolution professional from a field of 15 players after NCLAT allowed resumption of insolvency resolution action against RCom.
Reports have just revealed a coming trial that could be the beleaguered businessman's most bitter harvest yet.
Not everybody is going to come out of this alive, according to one of the analysts.
Ambani said debt servicing payments were made through monetisation of assets.
Anil Ambani said despite no support from the system, his group managed to lessen the debt.
The RCom-DoT clash mirrors a similar battle between the government and another bankrupt telco, Aircel, which is also undergoing insolvency. Even in that case, Department of Telecommunications has asked the operator to return its airwaves.
Market breadth was neutral, as advance-decline ratio on the BSE stood at 1:1.
"A global settlement was reached between the French tax authorities and Reliance Flag in a tax dispute pertaining to the period 2008-2012," the French embassy said.
The Supreme Court had directed DoT to approve RCom’s pact to sell spectrum to Jio after a Rs 1,400 crore guarantee.
Swedish telecom company Ericsson rejected the industrialist's plea of fund crunch as an excuse claiming that his group had made enough profit to invest in the Rafale deal.
Feeling warm inside the packed court room, Ambani asked why the air conditioning wasn’t on, only to be told he won't have his wish.
While addressing Jan Bhawna Rally in Bihar’s Purnia, Congress President Rahul Gandhi said, “Earlier he used to say make me Prime Minister, whatever you want you will get it, and now he says we are ‘Chowkidars’, entire nation is ‘Chowkidar’. He is ‘Chowkidar’ not for poor people, but for Anil Ambani.”PM Modi is ‘Chowkidar’ for Anil Ambani, says Rahul Gandhi
At present, Yes Bank is the fifth-biggest Indian stock in terms of retail ownership.
Here are a few stocks which may buzz the most in today’s trade.
L&T Finance, Edelweiss refute allegations, say had no option but to sell pledged shares.
The NBFC crisis has deepened with Altico defaulting on its debt obligations.
Anil Ambani faced a jail term of three months if the money due to Ericsson hadn't been paid by March 19.
Anil Ambani has been told to pay Ericsson Rs 453 crore by Tuesday or face jail.
Arguing for SBI, senior counsel NK Kaul reiterated that RCom had no right to have its dues paid by the Rs 260 crore “public money” held in the trust and retention account.
India’s economy and businesses are facing many measurable, well-understood challenges. But an invisible crisis that is just as corrosive and harder to fix is underway: the erosion of trust. This is playing out at multiple levels.
Says group got over Rs 1 lakh crore of contracts during UPA’s 10-year rule.
Anil Ambani’s Reliance Group decided to sell off its interest to help meet debt obligations.
Of the 2,668 actively traded stocks on BSE, 2,102 stocks shed value during Samvat 2075.
Anil Ambani, Chairman, Reliance ADAG, said that Reliance Capital has decided it will no longer be in any lending business.
A group of minority investors of Reliance Infratel led by HSBC Daisy Investments has now moved SC.
In 2015, Reliance Power had signed a memorandum of understanding with Bangladesh to set up á total of 3,000 mw of power generation capacity in the country in phases.
The broader market underperformed, as Nifty Midcap and Smallcap indices slumped over 1.5%.
It’s an extraordinary fall for a man listed by Forbes in 2008 as the world’s 6th-wealthiest person.
Reliance Communication responded and said that it will be complying with the Supreme Court's order.
HSBC Daisy moved the appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel.
Reliance Communication (RCom) Chairman Anil Ambani on Wednesday told the Supreme Court the Rs 550 crore dues could not be paid to Ericsson in pursuance to the undertaking as its Rs. 18,100 crore deal with the Reliance Jio did not fructify. Asserting that he was not in the contempt of court for not clearing the dues, the RCom Chairman said the undertakings were conditional and the payment was subject to the deal with Jio going through.Ericsson's contempt plea: SC reserves order against Anil Ambani
The bench said it will continue hearing the contempt plea tomorrow due to paucity of time.
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