Reliance Commu's shareholders seek clarification in bankruptcy: AGM

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Mumbai, Ta. October 30, 2019, Monday

Investors-shareholders of the bankrupt Reliance Communications Limited today expressed concern about the future of bankruptcy in the company's AGM. This was the first such annual general meeting addressed by a court-designated resolution professional after the company filed for bankruptcy.

Anish Manswati, of the Resolution Professional Deloitte Consultancy Unit, informed shareholders that the National Company Law Tribunal (NCLT) has given an additional three months to complete the corporate resolution process, which will be completed by January 1 next year. At AGM today, the chairperson on the one hand was Shadow Virani, financier and legal adviser on the other. Director Manikantan V was also present in the company management.

Many shareholders sought a detailed presentation of what they thought ahead of the resolution professional, and sought clarification on the future of Dhirubhai Ambani Knowledge City, the largest asset Reliance Communication in an acre at Navi Mumbai.

One particular shareholder warned the resolution professional not to take any plan against the owners, while with greater optimism, he said the resolution professional should emphasize the conversion of equity for the banks. Others said in the opinion, that the world's largest tech companies would be willing to invest in the company.

Against these concerns, questions and suggestions, Finance Minister said that all decisions will be taken only after consultation with a committee of creditors, with increasing concern of the company.

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