Clarification regarding delay in Disclosure under Reg. 30 of SEBI Regulations 2015 - Resignation of Director
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Reliance Communications has submitted a clarification to BSE regarding a delayed disclosure of a director's resignation. The company cited two reasons for the delay: (1) a temporary technical email server issue over 4-5 days that disrupted communications, and (2) the ongoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016, which requires all disclosures to undergo legal scrutiny and approval from the Resolution Professional before submission. The company stated it acted in good faith and requested the clarification be taken on record. The company noted it has been under CIRP since June 28, 2019, with Resolution Professional Anish Niranjan Nanavaty managing its affairs.
The filing confirms Reliance Communications remains under insolvency proceedings, and the director resignation adds to ongoing leadership changes. For shareholders, this highlights operational disruptions caused by the insolvency process affecting timely disclosures. No immediate stock impact expected, but the company continues to operate under creditor oversight.