Reliance Communications Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015.
RCOM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The NCLT Mumbai Bench has partly allowed a petition (MA 196/2020) filed by the Resolution Professional of Reliance Telecom Limited (RTL), a wholly owned subsidiary of RCOM that has been under Corporate Insolvency Resolution Process (CIRP) since 2019. The petition sought to declare the resignations of two directors (the actual NCLT order names Anil Dhirajlal Ambani and Suresh Randhachar, though RCOM's letter initially mentioned a different name) as null and void. The NCLT ruled that it cannot force directors to continue on the board or declare resignations void, but directed the Registrar of Companies to de-register the DIR-11 forms filed without the Resolution Professional's authorization. The RP has flagged errors in the order regarding the names of directors and has sought corrections. The resolution plan for RTL has already been approved by the Committee of Creditors and is pending NCLT approval under Section 31 of the IBC.
Limited direct impact on RCOM shareholders. The ruling clears the way for the CIRP to continue toward resolution plan approval, which is the key catalyst. However, the NCLT's refusal to block the resignations means the management structure may change, though the Resolution Professional retains full control during CIRP regardless.