Outcome of Board Meeting
RCOM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Reliance Communications held its Board meeting on May 29, 2026, chaired by Resolution Professional Mr. Anish Nanavaty, since the company has been under CIRP since June 2019. The Board approved audited standalone and consolidated financial results for FY ended March 31, 2026. The company reported total income of ₹230 crore (down from ₹278 crore in FY25) and a total comprehensive loss of ₹9,688 crore for the year. The standalone net worth stands at a deeply negative ₹(78,892) crore. The Board also recommended appointment of M/s E.A. Patil & Associates LLP as the new Statutory Auditors for 5 years, replacing M/s Pathak H.D. & Associates LLP, subject to shareholder approval. The outgoing auditors issued a qualified opinion citing multiple non-compliance issues including non-determination of fair value of assets held for sale, non-provision for interest and foreign exchange variations, pending forensic audit findings, and ongoing ED/CBI investigations.
The company continues to burn cash with massive losses and negative net worth, indicating extreme financial distress. The qualified audit opinion and ongoing regulatory investigations (ED, CBI, SFIO) create significant uncertainty for shareholders. The stock (BSE: 532712, NSE: RCOM) remains highly speculative given the unresolved insolvency proceedings.